Money Makers Mentor

Plaid launches Deposit Switch feature after Visa merger falls through

Plaid launched the Deposit Switch feature, allowing users to modify the destination of their paychecks or direct deposit payments. The product expansion comes after the merger with Visa fell through this month, due to the Department Of Justice pushback.

The fintech connects a user’s bank accounts to the financial app’s that customers use in their day to day activities. The San-Francisco based company powers P2P payment platforms like Venmo and digital banks like Chime and Varo.

The new feature will allow “users to direct where their payroll funds go when choosing services that best fit their financial needs,” Plaid wrote in a statement. 

Direct Switch deposit feature will allow customers to direct recurring payments to the financial app or account of their choosing while red…

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