Pinwheel taps Q2 to ease direct deposit switching process

Fintech company Pinwheel has announced an integration with Q2's Digital Banking Platform, aiming to support instant direct deposit switching.

This alliance is facilitated via the Q2 Partner Accelerator Program.

Using Pinwheel's data network of payroll providers, banks and credit unions can get income and employment data from 1,800 platforms.

This covers up to 100% of all US workers who receive direct deposit payments.

The integration allows financial providers to offer consumers a streamlined process for switching direct deposits during account onboarding.

Research indicates that 40% of new accounts remain inactive, primarily due to difficulties associated with the direct deposit switching process.

The collaboration between Pinwheel and Q2 enables all Q2 customers to implement a one-click deposit switching feature.

Pinwheel revenue head Brian Karimi-Pashaki said: “Removing friction from the deposit switching process is critical for financial institutions to boost activation rates and secure primacy.

“We're thrilled to help Q2 customers take advantage of Pinwheel Deposit Switch by making it available through Q2's Partner Accelerator Programme. We are committed to helping credit unions and banks offer the best possible customer experience.”

The Q2 Partner Accelerator Programme, facilitated by the Q2 Innovation Studio, allows financial services companies to integrate their technologies with the Q2 Digital Banking Platform.

This initiative supports financial institutions in adopting new solutions and deploying standardised integrations efficiently.

In October 2024, Pinwheel introduced Bill Navigator, a subscription management tool aimed at helping banks and financial institutions save their customers money on unused subscriptions.

"Pinwheel taps Q2 to ease direct deposit switching process" was originally created and published by Retail Banker International, a GlobalData owned brand.

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