Friday, June 7, 2024 Mastercard has integrated Deposit Switch and Bill Pay Switch into its Open Banking platform, allowing consumers to automatically update direct deposits and recurring bill payments when opening or updating digital accounts. These solutions, delivered in partnership with Atomic—a leader in payroll and merchant connectivity solutions and a member of Mastercard’s Start Path program—provide a streamlined and secure account management experience. With a single integration to Mastercard Open Banking, customers can access a comprehensive suite of account opening and funding solutions leveraging open banking, payroll, and merchant data connections.

State of Online Banking A study on mobile account opening revealed that automated deposit switching is the most sought-after feature by consumers. However, the current process still involves manual paperwork and lengthy HR approval times. Meanwhile, financial institutions are increasingly focused on growing deposits and achieving primacy with their customers.

Research indicates that nearly 80 percent of banking executives view deposit growth as a crucial aspect of the account onboarding experience. “Digital consumers are looking for maximum value from their bank account, which includes simplified and modernized processes for tedious tasks like rerouting direct deposits and paying bills,” said Silvana Hernandez, Executive Vice President, Mastercard, North America. “We also know that Gen Z in particular is lea.