Plaid has added a feature to make it easier to change where funds are deposited.
In Brief:
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Plaid Deposit Switch makes it easier for users to “change the destination of their paycheques”.
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This is often a source of uncertainty or delays when users wish to switch accounts.
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The new product is currently in beta testing.
What does this mean?
Plaid says that by automating direct deposit account funding, not only will it make the customer’s life easier when they wish to switch accounts, but it will help banks optimise their account funding flows.
