Truv, an open finance platform that leads the consumer-permissioned data space for income and employment verifications and direct deposit swithing, is pleased to announce a strategic partnership with Terafina, an NCR VOYIX Company, who is a premier digital banking platform provider. This partnership is paving the way for seamless account opening and direct deposit switching – a process that’s completed by consumers in second, without the hassle of paperwork.
Redefining Direct Deposit Switching for Financial Institutions
Truv’s solution gives financial institutions access to consumer-permissioned payroll solutions to gain instant insight into broader income and employment data, backed by extensive coverage of 170M employees in the U.S. workforce. Now, financial institutions can replace outdated and unreliable manual methods that cause borrower friction and demote willingness to make account and direct deposit changes.
According to the Federal Reserve, 70% of financial institutions indicated increasing deposits as a top priority for 2023-2024. The integration of Truv’s solutions with Terafina’s digital banking platform will enable financial institutions to streamline marketing segmentation, improve customer engagement, and drive direct deposit growth. With a focus on delivering personalized experiences and advanced functionalities, the partnership will enable clients to stay ahead of the curve in an increasingly competitive market.
The Impact of Truv’s Direct Deposit Switch for Financial Institutions
Truv helps financial institution increase direct deposits by up to 65%. In a recent A/B test performed by Truv’s client, the fintech company realized +12% improvement in deposits, compared to a consumer-permissioned competitor.
The Benefit to Consumers
While financial institutions benefit from gaining a competitive edge, consumers are also reaping the benefits from this powerful exchange. Truv powers a frictionless experience that allows consumers to connect their payroll accounts to banks and switch direct deposits. The introduction of instant direct deposit switching gives consumers the ability to make changes to meet their preferred direct deposit allocations is simplified by Truv’s ability to verify income and employment in seconds. Less friction and pain points for consumers translates to no hassle, no time commitment and no document retrieval or HR forms necessary.
Terafina’s Outlook on the Partnership
“Terafina’s integration with Truv enables switching your customer’s direct deposits to their new accounts irrespective of whether you are opening the account through a branch or through digital channel. Your customers can allocate direct deposits to multiple new accounts opened in the same account opening session. This significantly reduces friction and maximizes the possibility of your FI becoming your customer’s primary banking relationship.” said Doug Brown, SVP & GM Digital Banking, NCR VOYIX
Truv’s Outlook on the Partnership
“Direct Deposit Switch not only boosts share of wallet, but also simplifies the ability to increase funding for your financial institution. By integrating Direct Deposit Switch within the account opening process, Terafina and Truv eliminate the hassle of cumbersome HR forms, thereby elevating the banking experience and strengthening the relationship between financial institutions and customers,” said Kirill Klokov, CEO & Co-founder, Truv.
A Look Ahead
Truv and Terafina are committed to delivering value-driven solutions that empower financial institutions to meet customer expectations in an ever-evolving landscape. Through this strategic partnership, clients can expect enhanced capabilities, increased efficiency, and a superior banking experience for their customers.
