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Current Achieves 2.2X more direct deposits with Pinwheel PreMatch
March 17, 2026
Current is a consumer fintech banking platform transforming financial access for over 6 million Americans. The platform offers spending accounts with no mandatory monthly fees and includes seamlessly integrated features such as paycheck advances, early paycheck access, fee-free overdraft protection, savings boosts, fee-free cryptocurrency, and much more.
Helping new customers quickly and easily connect their direct deposit is a critical part of Current’s onboarding experience. Customers who switch their direct deposit early in their customer journey demonstrate a strong intent for primacy and likelihood to engage with additional financial products and services. Current has been a customer of Pinwheel Deposit Switch since 2021.
Like many fintechs, Current faced a common challenge. Changing direct deposit has historically been a cumbersome, multi-step process for users, often requiring them to remember payroll passwords, copy and paste account and routing numbers or even fill out and send forms to their employers. Current needed an intuitive, cutting edge direct deposit switch solution to make it easier and faster for customers to take the first step towards gaining access to some of the platform’s most valuable features.
From November 2025 to March 2026, Current piloted Pinwheel’s most advanced Deposit Switch experience: PreMatch. This first-of-its kind technology intelligently identifies members’ payroll accounts with information already provided during account opening. PreMatch eliminates the need for customers to access payroll provider usernames and passwords in order to switch their direct deposit. Instead, users authenticate via a simple one-time passcode sent to their phone.
PreMatch enables users to bypass the provider search and login steps, eliminating two of the biggest drop-off points in first generation deposit switch solutions, resulting in a dramatically simplified direct deposit switching experience.
“At Current, conversion to direct deposit is a critical metric as it provides a clear, early signal that we’re becoming someone’s primary financial relationship. Since integrating Pinwheel's PreMatch product into our onboarding flow, we've seen a dramatic lift in direct deposit conversion, along with significant downstream increases in feature attach rates and revenue,” said Josh Stephens, SVP of Product at Current.
The results were significant. During the 4 month pilot, Current saw:
Allowing users to connect their direct deposit with a few clicks is now a critical part of the onboarding experience at Current.
Looking for ways to increase account activation rates and boost deposits? Let’s talk.
Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.
Current is a consumer fintech banking platform transforming financial access for over 6 million Americans. The platform offers spending accounts with no mandatory monthly fees and includes seamlessly integrated features such as paycheck advances, early paycheck access, fee-free overdraft protection, savings boosts, fee-free cryptocurrency, and much more.
Helping new customers quickly and easily connect their direct deposit is a critical part of Current’s onboarding experience. Customers who switch their direct deposit early in their customer journey demonstrate a strong intent for primacy and likelihood to engage with additional financial products and services. Current has been a customer of Pinwheel Deposit Switch since 2021.
Like many fintechs, Current faced a common challenge. Changing direct deposit has historically been a cumbersome, multi-step process for users, often requiring them to remember payroll passwords, copy and paste account and routing numbers or even fill out and send forms to their employers. Current needed an intuitive, cutting edge direct deposit switch solution to make it easier and faster for customers to take the first step towards gaining access to some of the platform’s most valuable features.
From November 2025 to March 2026, Current piloted Pinwheel’s most advanced Deposit Switch experience: PreMatch. This first-of-its kind technology intelligently identifies members’ payroll accounts with information already provided during account opening. PreMatch eliminates the need for customers to access payroll provider usernames and passwords in order to switch their direct deposit. Instead, users authenticate via a simple one-time passcode sent to their phone.
PreMatch enables users to bypass the provider search and login steps, eliminating two of the biggest drop-off points in first generation deposit switch solutions, resulting in a dramatically simplified direct deposit switching experience.
“At Current, conversion to direct deposit is a critical metric as it provides a clear, early signal that we’re becoming someone’s primary financial relationship. Since integrating Pinwheel's PreMatch product into our onboarding flow, we've seen a dramatic lift in direct deposit conversion, along with significant downstream increases in feature attach rates and revenue,” said Josh Stephens, SVP of Product at Current.
The results were significant. During the 4 month pilot, Current saw:
Allowing users to connect their direct deposit with a few clicks is now a critical part of the onboarding experience at Current.
Looking for ways to increase account activation rates and boost deposits? Let’s talk.
Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC.
For fintechs like Current, winning the primary financial relationship starts with direct deposit. But traditional switching flows create friction at the exact moment users are most motivated—during onboarding. By integrating Pinwheel’s Prematch into its onboarding experience, Current removed that friction entirely. The result: 2x more direct deposit conversions, stronger downstream engagement, and measurable revenue impact—all driven by a faster, credential-less switching experience.
Pinwheel is excited to welcome former Workday executive Leighanne Levensaler as Strategic Advisor. She will help guide the company’s next phase of growth, including expanding the PreMatch Network and advancing Pinwheel’s mission to power modern, consumer-permissioned financial experiences.
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Implementation of the Pinwheel Prematch feature took Perpay only 3 weeks, after which they saw an immediate performance uplift. For Perpay customers eligible for PreMatch, they saw a 2.19x increase to switch success rate, and an 11% overall switch conversion improvement.
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