Enhancement of digital financial experiences using Deposit Switch and Bill Pay Switch by Mastercard
Mastercard has announced the launch of new Open Banking solutions in partnership with Atomic to simplify and secure the process of opening and updating digital accounts. These solutions, Deposit Switch and Bill Pay Switch, are integrated with Mastercard’s Open Banking platform, allowing consumers to automatically switch their direct deposits and update recurring bill payments. Through a single integration, customers can access a range of account opening and funding solutions enabled by open banking, payroll, and merchant data connections.
A recent study highlighted the demand for automated deposit switching among consumers, showcasing the need for streamlined processes in online banking. Financial institutions are also recognizing the importance of growing deposits and enhancing customer relationships. Silvana Hernandez, Executive Vice President of Mastercard North America, emphasized the value of providing a seamless online banking experience to meet the expectations of digital consumers, especially Gen Z.
The Deposit Switch feature enables consumers to redirect their payroll deposits to a new or existing bank account without manual paperwork. This solution securely connects to top payroll systems in the U.S., allowing real-time updates and allocations. Similarly, the Bill Pay Switch feature simplifies recurring bill payments by updating payment credentials with various merchants and billers directly through TrueAuth technology. Financial institutions can enhance customer engagement and reduce acquisition costs by offering these features as part of their digital banking experience.
Jordan Wright, Co-Founder and CEO of Atomic, expressed the company’s commitment to improving the banking experience through seamless and intuitive solutions. The collaboration with Mastercard aims to empower consumers to manage their finances effectively through advanced payroll and merchant connectivity. Mastercard’s global open banking platform and data connectivity drive innovation and financial inclusion, ultimately improving the digital account journey for consumers worldwide.
The Deposit Switch and Bill Pay Switch solutions are set to be available in 2024, offering a modern and secure way for consumers to manage their finances and improve their banking experience.