From XU Magazine, 
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New Jack Henry Partnership Makes it Easier for Community Banks to Take Advantage of Pinwheel

January 22, 2024

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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We are thrilled to announce Pinwheel's new strategic partnership with Jack Henry, a leading financial technology company, which gives their customers a fast path to implementation for the industry's top performing Direct Deposit Switching solution. This collaboration is set to revolutionize the digital direct deposit setup experience for accountholders at community and regional financial institutions.

Seamless Integration with Jack Henry's Digital Banking Platform

Utilizing the Banno Digital Toolkit™, the set of APIs on which the Banno Digital Platform™ is built, we have seamlessly integrated our top-performing direct deposit switching (DDS) solution into the Jack Henry digital banking platform. This integration, facilitated by Jack Henry's API, design, and authenticated frameworks, contributes to their extensive ecosystem of over 950 fintechs, benefiting approximately 7,500 financial institutions and their account holders.

Market-Leading Coverage with Pinwheel's DDS

Our next-generation DDS product stands out due to its market-leading coverage, encompassing 100% of the US workforce. This inclusivity allows any US worker, whether a full-time employee, gig worker, or recipient of unemployment benefits or SSI payments, to move their direct deposit within seconds.

Innovative Payroll Partner Network

A key differentiator in our partnership with Jack Henry is our innovative payroll partner network, including providers like OneSource Virtual (OSV). This network facilitates the creation of a frictionless Direct Deposit Switching product that instantly identifies and authenticates U.S. workers' payroll records within the bank account application workflow, eliminating the need for consumers to enter credentials.

Optimized Conversion and Growth for Pinwheel Customers

Customers of Pinwheel, such as American Express, Cash App, and Citizens, have already experienced optimized conversion, increased customer lifetime value, and deposit growth. Through this collaboration, existing Banno customers can seamlessly integrate and activate our DDS solution within hours, unlocking these benefits for their digital suite.

Brian Karimi-Pashaki on Accessibility and Freedom

Brian Karimi-Pashaki, Partnerships Lead of Pinwheel, emphasized, "Accessibility is a core value to Pinwheel, and one we carefully considered when embarking on our collaboration with Jack Henry." He further stated,

"This collaboration allows our full-coverage direct deposit solution to reach a broader population of community and regional financial institutions, giving their consumers greater agency and freedom to move their money to a financial institution of their choice in mere seconds."

Empowering Financial Institutions with Integrated Direct Deposit

Michael Cowart, Business Development & Partnerships of Pinwheel, added, "As financial institutions focus on digital banking to enhance customer service, our collaboration with Banno empowers them to provide a smooth, integrated direct deposit experience to their customers."

We are committed to powering the next generation of finance and prioritize partnerships that foster innovative customer experiences. This collaboration with Jack Henry is a significant step towards creating a fairer and more innovative financial future.

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