Automated Direct Deposit Switching

Size

$210M Opportunity

Current State:

In April 2020, 3.5M people were hired by an employer. Each of them needs to set up a deposit account for their earnings. Annualized, that is 42M individuals in 2020 that will need to set up direct deposit for their earnings. The current options are to either fill out and send in a paper form to their employer's HR department or manually type in their routing and account number within their new employer's employee portal. These options are error-prone and leave both banks and employees in the dark as to whether their direct deposit was correctly set up until the next time their employer runs payroll. The incumbent in this market is paper (details on why are here).

With Argyle

Argyle's system not only reads the information in an employee's account but can edit it. Because of this, Argyle has direct access to the fields that either HR teams or employees would otherwise be editing to set up direct deposit manually. Argyle does it algorithmically.

Here's how it works- the employee goes to their bank to set up direct deposit, Argyle Link is displayed, the employee selects their employer(s), Argyle authenticates the employee's credentials, and then the bank can push the direct deposit information electronically. No paper. No typing.

Let's assume the average price will be $5. That amount multiplied by 42M direct deposit requests each year computes to a $210M opportunity.  

With Argyle's automated direct deposit offering, a client also gets these previously unavailable benefits:

Monitoring if an employee switches direct deposit from a client to a competitor. Because Argyle has a continuous feed into the employee's employment records, clients can be updated on future changes to direct deposit information.

Dynamic splitting based on loans and work activity. Financial services companies can now programmatically siphon off a percentage or flat value of an employee's earnings to capture money before it lands in that employee's bank account.

Automated Direct Deposit Switching

Size

$210M Opportunity

Current State:

In April 2020, 3.5M people were hired by an employer. Each of them needs to set up a deposit account for their earnings. Annualized, that is 42M individuals in 2020 that will need to set up direct deposit for their earnings. The current options are to either fill out and send in a paper form to their employer's HR department or manually type in their routing and account number within their new employer's employee portal. These options are error-prone and leave both banks and employees in the dark as to whether their direct deposit was correctly set up until the next time their employer runs payroll. The incumbent in this market is paper (details on why are here).

With Argyle

Argyle's system not only reads the information in an employee's account but can edit it. Because of this, Argyle has direct access to the fields that either HR teams or employees would otherwise be editing to set up direct deposit manually. Argyle does it algorithmically.

Here's how it works- the employee goes to their bank to set up direct deposit, Argyle Link is displayed, the employee selects their employer(s), Argyle authenticates the employee's credentials, and then the bank can push the direct deposit information electronically. No paper. No typing.

Let's assume the average price will be $5. That amount multiplied by 42M direct deposit requests each year computes to a $210M opportunity.  

With Argyle's automated direct deposit offering, a client also gets these previously unavailable benefits:

Monitoring if an employee switches direct deposit from a client to a competitor. Because Argyle has a continuous feed into the employee's employment records, clients can be updated on future changes to direct deposit information.

Dynamic splitting based on loans and work activity. Financial services companies can now programmatically siphon off a percentage or flat value of an employee's earnings to capture money before it lands in that employee's bank account.