ClickSWITCH, which made its Finovate debut earlier this year at FinovateSpring, has unveiled its partnership with Current, a digital bank launched in 2016. Current has used the ClickSWITCH API to build and design a customized UX that makes it easy for members to switch direct deposits to their checking accounts.
“We are excited to be providing direct deposit technology to Current’s banking solution,” Founder and CEO of ClickSWITCH Cale Johnston said. “Current is on the leading edge of an industry that is evolving at a rapid pace. They are adding new users at a very impressive rate, and we believe our solution will increase user adoption for their growing platform.”
ClickSWITCH offers banks and other financial institutions a turn-key solution that automates the switch of direct deposits and recurring payments for account holders. The company’s automated account holder acquisition technology makes onboarding easier and faster, enabling FIs to improve customer acquisition and account activation rates, ease the funding of new accounts, and increase the number of primary account holders.
Current bills itself as “a bank built for modern life.” The institution, launched in 2016, provides an iOS/Android banking app, and a Visa debit card with no minimum balance or overdraft fees. With more than 400,000 active accounts, Current offers a variety of innovative options for customers such as its Teen Checking Accounts and Early Direct Deposits. Current founder and CEO Stuart Sopp highlighted the bank’s Early Direct Deposit program, which allows customers to access their paychecks up to two days in advance, as a major beneficiary of ClickSWITCH’s technology.
“For more Americans, changing where their paychecks are deposited is the best measure of truly switching banks,” Sopp said. “By partnering with ClickSWITCH, we’re able to make that process far more seamless and offer a better customer experience for our account holders – which is always our top priority at Current.”
Founded in 2014, ClickSWITCH is based in Minneapolis, Minnesota. The company demonstrated its automated direct deposit switch technology at FinovateSpring 2019. ClickSWITCH has raised $17.1 million in funding, and counts Point72 Ventures and Commerce Ventures among its investors.
Earlier this year, the company partnered with fellow Finovate alum Digital Onboarding to enable Old Point National Bank to update and switch direct deposits and recurring payments more efficiently. Last spring, ClickSWITCH worked with virtual branch app provider Mobilearth to add a new direct deposit switching feature to Mobilearth’s roving teller dashboard.