Enhance your Bank Account Opening Experience with Truv

Truv enables you to streamline two aspects of your bank account opening process: verifying a consumer’s identity and allowing your consumers to seamlessly switch their direct deposit distribution.

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Online Account Opening Experience

Industry Challenge

The COVID-19 pandemic has accelerated digital transformation for financial institutions, which has caused a majority of financial institutions to invest in their online account opening experience. However, consumers are still hesitant to switch their primary financial institution relationship because of how difficult switching their accounts can be.

Truv Solution

Truv enables your customers to instantly connect to their payroll provider and change their deposit distribution, which increases your direct deposits by up to 65%. Through this process, Truv also verifies the identity of the consumer to assist with KYC.

How Truv Works

User selects their income source through either their employer or payroll provider

User signs in to enable access to their payroll account to another organization

The connection is successfully established and the data is available via API and the Truv dashboard

Truv’s Assistance with Bank Account Opening

Verify Applicant Identity

Confirm that the consumer’s full name, SSN, email, date of birth, and home address match what was provided.

Direct Deposit Switch

Enable your customers to instantly connect to their payroll provider and change their direct deposit distribution, thus driving direct deposit growth by up to 65%.