MANTL Names Pinwheel Preferred Partner for Direct Deposit Switching

Pinwheel's PreMatch technology boosts conversion rates by eliminating the need for users to identify their payroll platform or enter payroll credentials to switch direct deposits during the account opening process.

NEW YORK, Nov. 20, 2024 /PRNewswire/ -- Pinwheel, a fintech that helps financial institutions win primacy with frictionless activation, has been chosen by MANTL, a leading account origination provider, to be the preferred provider for Direct Deposit Switching. MANTL will leverage Pinwheel's PreMatch technology to simplify the direct deposit switching process, further enabling MANTL partners to capture more deposits, reduce churn, and create long-lasting customer relationships.

Consumers today have more accounts than ever before, banking at multiple institutions to satisfy their varying financial needs. As banks and credit unions fight to win greater shares of consumers' wallets and ultimately battle for account primacy – to become a customer's primary financial institution – simplifying the direct deposit switching process becomes a critical differentiating factor.

Traditionally, the switching process is cumbersome, requiring consumers to manually enter their payroll credentials and contributing to high drop-off rates. Pinwheel removes this barrier with a seamless, digital, credential-less process called PreMatch. Pinwheel PreMatch, the industry's only 100% credential-less solution, eliminates the need for consumers to search for their provider or enter their payroll credentials, making it easier than ever for them to complete the onboarding process within a bank's mobile application. Pinwheel customers who have upgraded to PreMatch have seen conversion rates improve by as much as 200%.

By simplifying the switching process, Pinwheel helps MANTL partners unlock deposit growth and boost applicant conversion rates. Additionally, once a financial institution has captured a customer's direct deposit, they can use Pinwheel's Connected Accounts features to unlock deeper customer insights including monitoring income growth over time and enabling them to offer personalized products such as earned wage access.

"We are thrilled to be partnering with MANTL to continue to help banks and credit unions grow through the delivery of exceptional customer experiences. MANTL's modern approach to banking technology is driving our industry forward with improved automation that allows for increasingly frictionless transactions," said Brian Karimi-Pashaki, Pinwheel's Head of Sales and Partnerships. "Pinwheel's innovative, conversion-optimized activation and engagement solutions are the perfect fit for MANTL customers."

"Our partnership with Pinwheel aligns with our mission to leverage automation to create deeper customer relationships and transformational business outcomes," said Benjamin Conant, co-founder and CTO of MANTL. "By integrating Pinwheel's PreMatch technology into our account opening flow, we're eliminating unnecessary friction and enhancing customer activation. This streamlined process empowers our bank and credit union partners to capture deposits quickly and drive deeper customer engagement from day one so they can focus on what matters most - the human side of banking."

For more information on MANTL, please visit: www.mantl.com

About Pinwheel
Pinwheel helps banks, CUs and fintechs win primacy with embedded 1-click deposit switching and bill management tools. Through an exclusive data network of payroll providers, Pinwheel enables access to income and employment data across 1,800 platforms (covering up to 100% of US workers paid via direct deposit) and over 1.5 million employers. With this connectivity, Pinwheel supports leading fintechs and financial institutions (such as Acorns, Cash App, Citizens Bank, Credit Karma, and more) power instant direct deposit switching, earned wage access, income & employment verification, and bill management products. Pinwheel has raised $77M from top-tier investors such as Notable, Coatue, First Round Capital, Upfront and more.

About MANTL

MANTL is a financial technology firm offering software that empowers banks and credit unions to open deposit accounts from anywhere, on any device and at any time. Consumer Deposit Origination by MANTL is among the fastest and most performant solutions on the market, empowering net-new prospects to open accounts in under three minutes, enabling existing account holders to open additional accounts with just one click, and reducing fraud by as much as 67%. Business Deposit Origination by MANTL is a first-of-its-kind solution that reimagines account opening for businesses of all sizes by automating up to 90% of application decisions. MANTL customers raise billions in core deposits each month. Founded in 2016, MANTL is a privately held company headquartered in New Jersey with the backing of prominent venture capital investors. For more information, visit mantl.com or follow MANTL on LinkedIn.

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SOURCE Pinwheel