Truv Launches Direct Deposit Switch Partnership with Digital Bank Totem
Truv and Totem partner together to enable a seamless direct deposit switching experience for Totem’s new customers who sign up for the digital bank by and for Native Americans.
MIAMI–(BUSINESS WIRE)–#buildtruv–Truv announced a partnership with Totem to enable automatic direct deposit switching through Truv’s consumer-permissioned data platform to all of Totem’s customers. This partnership is one of many for Truv where they’re supporting depository institutions in taking the direct deposit switching process from days to seconds.
In 2023, depository institutions are seeing a shrink in deposits as the Federal Reserve reduces the money supply to combat inflation. To this end, in November 2022 there was a reduction in the percentage of deposit growth in the U.S. market for the first time since 2018. This reduction in deposits causes significant problems for institutions that rely on deposits to make money on interchange revenue and lend against their deposits.
Included in their consumer-permissioned data platform, Truv’s direct deposit switching product enables depository institutions to combat these market effects through making the direct deposit switching process as seamless as possible. Truv built direct API integrations to payroll providers to allow customers of a depository institution (e.g., neobanks, financial institutions, crypto exchanges, etc.) to sign in directly to their employer’s payroll account within the depository institution’s digital experience to make a partial or full switch immediately.
As an organization, Truv has seen significant growth within their direct deposit switching product – just one of eight products included in their consumer-permissioned data platform. As for Totem, they decided to partner with Truv due to the coverage of employers mapped to payroll providers in their database and their dedication to a partnership mentality.
“From the moment I was introduced to the team at Truv, their passion was apparent. From a technical perspective, the number of employer mappings Truv has is significantly larger than that of their competitors. And while that was a part of why we chose Truv, it was their team’s dedication to hands-on, personal service that ultimately won us over,” said Amber Buker, Founder and CEO at Totem. “We’re confident that we’ll be able to grow with Truv for years to come.”
“The recent partnership with Totem and other leading digital banks for direct deposit switching provides additional validation of Truv’s approach in building a consumer-permissioned data platform. Due to this approach, Totem will have access to future products through our platform based on relevant use cases as we continue to expand the data sources that we have access to. We’re excited to be on this journey with Totem and looking forward to continued growth together,” said Truv’s Co-Founder & CEO Kirill Klokov.
For more information, visit Truv.com.
About Truv
Truv (truv.com) is on a mission to put data back in the hands of consumers through helping organizations to unlock the power of consumer-permissioned data. Through this journey, Truv has built the industry-leading consumer-permissioned data platform with unmatched coverage, compliance, and data quality. Today, this platform powers use cases such as income verification, insurance verification, direct deposit switching, paycheck-linked loans, and more. Truv currently covers 90% of the U.S. workforce through their connections to payroll accounts, but they’re rapidly expanding to their goal of 100% coverage of the U.S. market through accessing other data sources.
About Totem Technologies, Inc.
Totem is creating pathways to financial inclusion for Native Americans through digital banking. They’re partnering with sovereign tribal governments to deliver culturally relevant financial products and education, make tribal benefits more accessible, and help the growing number of self-identifying Natives born off-rez connect to culture.
Contacts
Colton Pond
801.898.7694
[email protected]
Amber Buker
[email protected]
