ClickSWITCH, a U.S. fintech that claims it simplifies and automates the switch of direct deposits and recurring payments for financial institutions’ new and existing account holders, announced on Monday it will be delivering its switching technology to clients of Finastra’s core banking solutions, which are Fusion Phoenix and Fusion UltraData.
As previously reported, ClickSWITCH describes itself as an automated account holding acquisition technology for financial institutions and fintechs that simplifies the process of bringing new depositors onboard by quickly, safely, and efficiently switching their deposits and recurring payments from their old accounts to new ones.
“Based in Minneapolis, the company’s industry-leading solution helps clients to increase account holder acquisition and activation rates, engage during onboarding, and cross-sell products to capture full profit potential. ClickSWITCH is a technology leader delivering world-class solutions to financial institutions and FinTechs of all sizes.”
Speaking about the collaboration with Finastra, Eric Edwards, Chief Revenue Officer for ClickSWITCH, stated:
“This integration will answer the request from ClickSWITCH clients for tighter integration with Finastra products to expedite the switching of direct deposits and payments. Additionally, the relationship enables us to remove onboarding friction for new customers of Finastra – for banks and credit unions – facilitating preferred financial institution status and encouraging customer loyalty more quickly.”
Milind Pathak, Senior Director of Product Management at Finastra, added:
“Finastra is always looking for ways to add business value for its client base by collaborating and integrating with innovative third-party fintechs. Fusion Phoenix with its open architecture, rich open REST-based API and fintech-friendly approach makes it very easy for fintechs to integrate with our core. Leveraging ClickSWITCH, our Fusion Phoenix and Fusion UltraData core clients will be able to grow their deposits and increase customer engagement.”