Truv, the leading consumer-permissioned data platform, today announced an integration for its direct deposit switching solution in Jack Henry’s digital banking platform. All Jack Henry Banno customers can now leverage Truv out-of-the-box to automate direct deposit switching that drives deposit growth and cultivates engaged customers.
In 2023, depository institutions are seeing a shrink in deposits as the Federal Reserve reduces the money supply to combat inflation. Over the past year, the money supply has decreased by approximately 5%. This reduction in deposits causes significant problems for institutions that rely on deposits to make money on interchange revenue and lend against their deposits.
Truv now integrates with Jack Henry to combat these market conditions for financial institutions who use the Jack Henry Banno Digital Platform. The direct deposit switching experience for consumers today is full of friction and causes consumers to keep their existing primary financial institution relationship, even if the experience is suboptimal. Through this partnership, Truv and Jack Henry are taking down these barriers and enabling financial institutions to acquire more customers. Rather than downloading a paper form to switch their direct deposit, consumers will be presented with Truv to switch their direct deposit distribution in less than 45-seconds.
“Consumers expect a seamless digital banking experience from anywhere and on any device,” said Kirill Klokov, Co-Founder and CEO, Truv. “This is prompting banks to innovate as quickly as possible. This is precisely why we’ve partnered with Jack Henry Banno: to enable organizations on the Banno platform to create a better, more convenient customer journey by automating direct deposit switching.”
Truv leveraged Jack Henry Banno’s Digital Toolkit to embed Truv’s direct deposit switching solution directly within online and mobile banking. With this integration, the 9,000+ financial organizations leveraging Jack Henry are able to integrate with Truv with only a few hours of work. This in turn opens Truv’s solution up to over nine million end consumers on the Jack Henry Digital Platform.
About Truv
Truv (truv.com) is the market-leading consumer-permissioned data platform that enables financial organizations with access to every financial data source available. Use cases supported by Truv include income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access.
Through Truv’s model of having access to payroll data, financial account transaction data, tax data, and insurance data, Truv’s platform is built with unmatched coverage, compliance, and data quality.
About Jack Henry Banno
Jack Henry Banno was built specifically for community and regional credit unions and banks, the Banno Digital Platform empowers our clients to differentiate themselves and offer a full-service and forward-thinking digital experience.
Banno makes it easy for teams to deliver human service , while giving accountholders a digital banking experience that exceeds their expectations. We can propel your institution forward with our versatile marketing tools, seamless websites that are simple to maintain, tools to manage clients finances, and a completely open platform that’s rooted in customizability, so switching to Banno is future-proof.
