US fintech Pinwheel teams up with Jack Henry

Ellie Duncan
22 Jan 2024

US-based fintech Pinwheel’s direct deposit switching (DDS) solution is now available to community and regional financial institutions’ accountholders through the Jack Henry digital banking platform.

Pinwheel’s DDS is the only product covering 100% of the US workforce, meaning that any US worker – whether they’re a full-time employee, gig worker, receiving unemployment benefits, or SSI payments – can move their direct deposit “in seconds”.

Using the ‘Banno Digital Toolkit’, which is the same set of APIs that the ‘Banno Digital Platform’ is built on, Pinwheel embedded its technology into the digital experiences provided by community and regional financial institutions.

Through the collaboration, Pinwheel has accessed Jack Henry’s API, design and authenticated frameworks to integrate directly into the digital banking platform.

“Accessibility is a core value to Pinwheel, and one we carefully considered when embarking on our collaboration with Jack Henry,” said Brian Karimi-Pashaki, partnerships lead at Pinwheel.

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

In addition, Pinwheel has created a payroll partner network, the aim of which is to bring its DDS product, which is able to instantly identify and authenticate US workers’ payroll records within the bank account application workflow, to market.

It thereby removes the need for consumers to know and enter their credentials, meaning that Pinwheel’s customers, including American Express, Cash App and Citizens, can benefit from higher conversion rates.

Michael Cowart, business development and partnerships at Pinwheel, added: “As financial institutions of every size intensify their 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.”