Pinwheel and nCino Partner to Offer Direct Deposit Switching

Rhea-AI Summary

nCino (NASDAQ: NCNO) has partnered with fintech company Pinwheel as a Preferred Partner for Direct Deposit Switching (DDS). The partnership integrates Pinwheel's DDS solution with nCino's Consumer Banking Solution, aiming to improve account activation rates and primary banking relationships.

Pinwheel's solution, which covers 100% of U.S. workers paid via direct deposit through over 1,800 payroll platforms, delivers 30% more switches than other providers. Their innovative PreMatch technology, launched in late 2023, simplifies the process to a 2-click authentication for 50M eligible Americans, eliminating the need to search for payroll providers or remember login credentials.

This integration addresses a critical industry challenge, as over 40% of newly opened accounts never become activated, largely due to direct deposit switching friction. Research shows that 70% of consumers would switch banks if direct deposit transfers could be completed instantly.

Positive

• Integration delivers 30% higher deposit switch conversion rates compared to other providers
• Solution covers 100% of U.S. workers paid via direct deposit through 1,800+ payroll platforms
• PreMatch technology simplifies user authentication to a 2-click process
• Pinwheel is currently the only DDS solution integrated with nCino's platform

Negative

• None.

Insights

Banking Technology Analyst

nCino enhances its banking platform by integrating Pinwheel's direct deposit switching technology, addressing a key friction point in account activation.

This partnership between nCino and Pinwheel addresses a significant operational challenge for banks and credit unions. According to the announcement, over 40% of newly opened accounts never become activated, with direct deposit switching friction being a primary cause. By integrating Pinwheel's solution, nCino enhances its Consumer Banking Solution with functionality that could improve account activation rates for its financial institution clients.

The technical integration focuses on streamlining the direct deposit switching process, which has traditionally been cumbersome for consumers. Pinwheel's solution connects to over 1,800 payroll platforms, providing coverage for 100% of U.S. workers paid via direct deposit. Their comparative advantage appears substantial, with the release citing 30% more successful switches than competing solutions.

What's technically noteworthy is Pinwheel's "PreMatch" feature, which fundamentally changes the authentication paradigm. Instead of requiring users to search for and log into their payroll provider (a common drop-off point), PreMatch proactively identifies payroll records and simplifies authentication to a one-time passcode. This creates a "2-click" experience that could significantly reduce abandonment rates during account setup.

For nCino, this partnership aligns with their platform expansion strategy. Rather than building all functionality in-house, they're integrating best-in-class solutions to enhance their offering. Being designated as the "only DDS solution integrated to the nCino platform" currently gives Pinwheel privileged access to nCino's banking clients seeking to improve account activation metrics.

The partnership addresses a genuine customer pain point - according to the cited statistic, 70% of consumers would switch banks if direct deposit transfers could happen instantly. This suggests there's substantial untapped customer movement potential that better technology could unlock for financial institutions using nCino's platform.

nCino customers can now leverage Pinwheel, the industry's top-performing Direct Deposit Switching solution, to boost account activation and primary banking relationships

NEW YORK, May 8, 2025 /PRNewswire/ -- Pinwheel, a fintech that helps financial institutions win primacy with frictionless activation and engagement solutions, announced that it has entered into an agreement to join nCino's global ecosystem of technology partners as a Preferred Partner for Direct Deposit Switching (DDS). nCino, Inc. (NASDAQ: NCNO) is the leading provider of intelligent, best-in-class banking solutions.

nCino customers can now leverage Pinwheel to boost account activation and primary banking relationships.

As part of the partnership agreement, nCino will create an integration between its Consumer Banking Solution and Pinwheel Deposit Switch. The integrated functionality will help banks and credit unions achieve better deposit switch conversion rates. Head-to-head tests among available deposit switching solutions have proven that Pinwheel consistently delivers 30% more switches than other providers.

Bank account opening and onboarding experiences are historically friction-filled, making consumers hesitant to switch their primary banking relationship to find products and services that better fit their changing lifestyle needs. The inconvenience of switching their direct deposit is a top reason consumers abandon new account set-up, driving over 40% of newly opened accounts to never become activated. Pinwheel removes this barrier by enabling easy direct deposit switching within the account opening experience, where consumer intent to switch is highest. Pinwheel's solution is powered by an extensive network of over 1,800 payroll platforms, covering 100% of U.S. workers paid via direct deposit.

Pinwheel's category-shattering invention of PreMatch in late 2023 further transformed the DDS experience. Prior to PreMatch, users were required to search for their payroll provider, which many consumers do not know, and authenticate with usernames and passwords. Every other competing software available today relies on these two high drop-off parts of the funnel. For the now 50M Americans eligible for PreMatch, users' payroll records are proactively identified for them, requiring only a simple one-time passcode to authenticate and execute an instant switch. The PreMatch authentication paradigm has transformed the DDS experience into a seamless, 2-click process that will help nCino customers better meet their clients' overall needs.  

"A staggering 70% of consumers say they would switch banks if they could transfer direct deposits in seconds, a huge wake-up call to banks and credit unions who want to achieve account primacy through both new and pre-existing customers," said Brian Karimi-Pashaki, Head of Revenue at Pinwheel. "By partnering with nCino to offer their customers a leading option for DDS, we're excited to help even more banks and credit unions meet their innovation and growth goals."

"We strategically expand our technology ecosystem to help financial institutions modernize their operations and enhance customer experiences," said Law Helie, General Manager of Consumer Banking at nCino. "Integrating Pinwheel's direct deposit switching capability complements the nCino Platform by streamlining an important account activation process. This partnership strengthens our solution set, enabling our customers to better serve their clients while advancing their digital capabilities."

Pinwheel is currently the only DDS solution integrated to the nCino platform. More information on how nCinco customers can take advantage of Pinwheel will be available at nSight, nCinco's annual conference, taking place May 19-21 in Charlotte, NC.

About Pinwheel

Pinwheel helps banks, CUs and fintechs win primacy with embedded 1-click deposit switching and bill management tools. Through an exclusive data network of payroll providers, Pinwheel enables access to income and employment data across 1,800 platforms (covering up to 100% of US workers paid via direct deposit) and over 1.5 million employers. With this connectivity, Pinwheel supports leading fintechs and financial institutions (such as MoneyLion, Acorns, Key Bank, Cash App and many more) power instant direct deposit switching, earned wage access, income & employment verification, and bill management products. Pinwheel has raised $77M from top-tier investors such as Notable, Coatue, First Round Capital, Upfront and more.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pinwheel-and-ncino-partner-to-offer-direct-deposit-switching-302449109.html

SOURCE Pinwheel

FAQ

What is the partnership between nCino (NCNO) and Pinwheel?

nCino has partnered with Pinwheel as a Preferred Partner for Direct Deposit Switching, integrating Pinwheel's solution into nCino's Consumer Banking Solution to improve account activation rates and primary banking relationships.

How does Pinwheel's direct deposit switching solution perform compared to competitors?

Pinwheel's solution delivers 30% more switches than other providers and covers 100% of U.S. workers paid via direct deposit through over 1,800 payroll platforms.

What is Pinwheel's PreMatch technology and how does it work?

PreMatch, launched in late 2023, is a technology that proactively identifies users' payroll records, requiring only a simple one-time passcode for authentication, simplifying the process to a 2-click experience for 50M eligible Americans.

Why is direct deposit switching important for nCino (NCNO) customers?

Direct deposit switching is crucial because over 40% of newly opened accounts never become activated due to switching friction, and 70% of consumers would switch banks if they could transfer direct deposits instantly.

When will nCino (NCNO) customers be able to access Pinwheel's solution?

More information about accessing Pinwheel's solution will be available at nCino's annual conference, nSight, taking place May 19-21 in Charlotte, NC.