With Deposit Switch, Plaid helps banks better onboard their customers
- Plaid announces the release of its automated account funding program, Deposit Switch.
- Deposit Switch reduces friction during onboarding processes by allowing bank customers to digitally switch paycheck locations.
Yesterday, financial data network Plaid announced the debut of its latest beta program, Deposit Switch, which allows end users to determine and alter the destination of their paychecks.
The offering provides customers with digital and fallback account funding options. The digital account funding, which is available to large companies, SMBs and gig economy workers, connects customer payroll or employer accounts through Plaid Link. The fall back method is available for consumers unable to employ digital account funding, so Plaid contacts employers for approval before fine-tuning a switch to direct deposits.
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