PURCHASE, N.Y.—Mastercard is reporting it has integrated Deposit Switch and Bill Pay Switch with the company’s Open Banking platform.
According to the company, the move allows consumers to automatically switch their direct deposits and update their recurring bill payments, both when opening a digital account or when updating information on an existing account.
The solutions will be delivered in partnership with Atomic, a payroll and merchant connectivity solutions and a member of Mastercard’s Start Path program.
“Through a single integration to Mastercard Open Banking, customers will have access to an entire suite of account opening and funding solutions enabled by open banking, payroll and merchant data connections,” the company said.
Mastercard cited a recent study on mobile account opening showed that automated deposit switching was the number one feature demanded by consumers.
Eliminating Paperwork
“Yet the process still involves manual paperwork and long wait times for HR processes to clear,” Mastercard stated. “In parallel, financial institutions are placing increasing importance on growing deposits and obtaining primacy with their customers – other research showed that nearly 80% of banking executives see opportunities to grow deposits as a crucial part of the account onboarding experience.”
Embedded directly within a financial institution’s app or website, Mastercard said its Deposit Switch lets consumers skip manual paperwork and automatically route their payroll deposits to a new or existing bank account.
Bill Pay Switch enables consumers to add or update their payment credentials at the merchants and billers they use regularly, such as subscription providers, utilities, telecom and insurance, the company added.
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