An EMarketer survey on creating mobile accounts revealed that Americans' top feature request was seamless deposit switching. But according to Mastercard, the procedure still frequently entails manual paperwork and protracted wait periods for HR procedures to be completed.

Mastercard's Deposit Switch, which is integrated right into a financial institution's app or website, eliminates the need for customers to fill out tedious paperwork by instantly routing payroll payments to either a new or current bank account.

Utilizing technology from Mastercard Start Path member Atomic, the functionality enables customers to connect to their payroll provider without disclosing login information to outside parties.

People may add or update their payment information at the retailers and billers they frequently deal with, including insurance, telecom, utilities, and subscription providers, by using the Bill Pay Switch tool. Without ever leaving the bank app or website, Atomic's technology is utilized to authenticate directly with each provider and update the payment credential on file.

"Digital consumers are looking for maximum value from their bank account, which includes simplified and modernized processes for tedious tasks like rerouting direct deposits and paying bills," said Silvana Hernandez, EVP of Mastercard, North America.

Additionally, as Gen Z in particular is favoring debit over other payment methods for regular costs, financial institutions will eventually get account priority if they can offer a safe and easy online banking experience through open banking connections.