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As banks vie for customer primacy, Pinwheel and OSV created a solution that gives financial institutions a competitive edge: a new payroll partner-based experience that instantly identifies and authenticates U.S. workers' payroll records within the new bank account application workflow.This completely frictionless experience will power easy direct deposit switching for millions of US workers at approximately 1,000 employers across America. Now, US workers can seamlessly move their money to the financial institution with the best rates and products, including popular Pinwheel customers such as American Express, Cash App, and Citizens.NEW YORK, Nov. 29, 2023 /PRNewswire/ -- Today Pinwheel, the fintech helping banks win primacy through automated direct deposit switching and instant account funding, and One Source Virtual (OSV), a top 5 payroll provider and one of the fastest-growing payroll providers in the United States, formed the industry's first announced partnership between an API company and a payroll company. The partnership is the start of Pinwheel's creation of a first-of-its-kind network of payroll providers, which will power a frictionless, login-free DDS experience. This alliance marks a significant inflection point for financial services and responds to growing consumer demand for more transparency, control, and portability over their banking relationships.Mainstream adoption of seamless, near-instant deposit switching gives consumers new agility to freely move around the financial system and ushers in a new era of healthy competition among banks and fintechs

OneSource Virtual (OSV), a company specializing in HR, payroll and finance solutions for Workday customers, has unveiled a digital wallet designed to improve the employee pay experience.The new myFlexWallet is an all-in-one digital wallet that provides employees with a centralized platform for managing their finances, the company said in a Tuesday (Sept. 19) press release. It allows employees to track real-time pay, access OSV’s myFlexPay, utilize payroll cards, set savings goals and access special offers.This tool gives employees greater flexibility and control over their finances while also providing employers with a valuable recruitment and retention tool, according to the release.One of the features of myFlexWallet is its integration with OSV’s myFlexSpend, which enables employees to view and manage their consumer-directed health accounts alongside other financial solutions, the release said.PYMNTS Intelligence has found that nearly 60% of workers are unfamiliar with their health benefits. That figure rises to 70% among workers earning under $50,000 a year, according to “Healthcare in the Digital Age: Consumers See Unified Platforms As Key To Better Health,” a PYMNTS and Lynx collaboration.The report also found that digital platform solutions can help workers manage care and costs.“Digital, on-demand finance services are reshaping employee expectations around wage access and financial well-being benefits,” Michael Roseman, chief operating officer of OSV, said in the Tuesday press release. “myFlexWallet will help businesses meet those evolving needs and expectations.”Valerie Van Gorp, vice president of customer operations for OSV, added: “For many employees, it will give them more freedom and control over how and when they access their wages than they’ve ever had before. It can also help them reduce or eliminate late payment fees for bills, while unbanked or underbanked employees can gain access to banking features they may not have had access to before.”Financial stress has a significant impact on productivity and engagement, costing companies an estimated $200 billion annually, according to the press release