Direct Deposit Switch

Overview

Truv's Direct Deposit Switch product allows your users to switch all of their pay check or a portion of it, via a percentage or dollar amount, to an account at your bank, credit union, application, or company and sets up a point of connectivity to a user’s payroll data, which allows you to offer additional products such as earned wage access (EWA) or personal loans while providing an exceptional user experience and driving more revenue.

Direct Deposit Switch can be useful for banks, credit unions to drive more funds into the user's accounts and increase engagement and satisfaction.

Users can instantly complete transaction and update their direct deposit settings instead of waiting for a few days.

Use cases for Direct Deposit Switch:

  • Instant Primary deposit account switching
  • Newly opened bank account funding

Where to embed Truv in your workflow

There are a few important decisions to make to effectively design and integrate Truv into your User Experience.

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1. Where in your current process do you want to leverage Truv?

Truv can switch direct deposit in the payroll account and allow you to use that functionality at various stages of your process:

  • After Account Opening - After an account is opened, you are able to use that new account and routing number to update their primary deposit account on their payroll within seconds.
  • For Existing Customers - Incentivise your existing customers to transfer their paycheck to your bank.

2. How do you plan to onboard/off-board users?

We've built an intuitive UI/UX that leads to increased conversion rates over traditional methods, but to further increase conversion rates we recommend educating your users about connecting to their payroll by explaining the benefits and setting the right context.

Depending on the payroll system, when a session for a specific connection expires, there needs to be a flow to bring the user back to the application to re-authenticate using Truv Bridge and restore the connection to the payroll system.

Additionally, we recommend giving the user the option to disconnect their account and delete all the data from the system.


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