Truv has announced a partnership with Totem to enable automated direct deposit transfers through Truv’s authorized consumer data platform for all Totem customers. This partnership is one of many for Truv, where they are helping depository institutions take the direct deposit transfer process from days to seconds.

In 2023, depository institutions will see a decrease in deposits as the Federal Reserve reduces the money supply to combat inflation. Finally, in November 2022, for the first time since 2018, the deposit growth rate in the US market decreased. This reduction in deposits poses significant challenges for institutions that depend on deposits to monetize exchange revenue. and lend against their deposits. Included in their consumer-authorized data platform, Truv’s direct deposit transfer product enables depository institutions to counter these effects in the marketplace by making the transfer process easier.

Direct deposit becomes as seamless as possible. Truv has built direct API integrations with payroll providers to allow depository customers (e.g. neobanks, financial institutions, crypto exchanges, etc.) with a payroll account from their employer in the custodian digital experience for partial or full payment. change immediately.

As an institution, Truv has experienced significant growth in its direct deposit conversion product – only one in eight products is included in the consumer-authorized data platform. For Totem, they decided to partner with Truv because of the coverage of employers affiliated with payroll providers in their database and their dedication to the spirit of collaboration.

“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 its 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,”

“We’re confident that we’ll be able to grow with Truv for years to come.”

Amber Buker, Founder and CEO at Totem.

“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 to that we have access. We’re excited to be on this journey with Totem and looking forward to continued growth together,”

Truv’s Co-Founder & CEO Kirill Klokov.