Boosting Account Opening Conversion Rates through Instant Payments

For decades, microdeposits have served as one of the primary methods for securely verifying bank accounts. The biggest challenge to the method is speed. Traditional microdeposits can take 1-3 business days, leading to lower conversion rates for businesses that offer services requiring accounts to be quickly opened and funded. Instant payment methods, however, present an opportunity to effectively eliminate the waiting time to receive microdeposits. Funds settle with these options in a matter of seconds, keeping customers engaged during the critical (and typically final) stages of account opening. In this session, speakers will explore the impacts of instant payments on microdeposits, and the barriers to adoption across the industry. They’ll also highlight the many benefits instant payments options offer beyond this standard payment use case for the industry.