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Alkami and Atomic offer a direct deposit switch solution for financial institutions

Friday 1 September 2023 12:49 CET | News

Alkami has partnered with Atomic to offer a direct deposit switch solution to US-based financial institutions, enabling account holders with seamless payroll account connections.

 

As part of the partnership, Atomic’s direct deposit switch solution will be integrated into Alkami’s Digital Banking platform. This will make it easier for community and regional financial institutions to offer their account holders a quick and convenient way to set up and switch direct deposits, further helping financial institutions to grow direct deposits, account acquisition, and primary relationships. This enhancement eliminates paper processes, significantly decreases wait times often incurred with traditional methods, and reduces the cost of deposit acquisition.

Alkami has partnered with Atomic to offer a direct deposit switch solution to US-based financial institutions, enabling account holders with seamless payroll account connections.

Officials from Alkami said they are excited to partner with Atomic to offer their customers this solution. The true power of the Alkami platform is in the extensibility it offers financial institutions to grow with partners and solutions like Atomic. Fintech partnerships like these give financial institutions the tools they need to earn primary financial institution status and maintain that status as they scale to meet the growing needs of their account holders.

Matt Moore, Senior Vice President at Texans Credit Union, highlights the significance of their partnership with Alkami and Atomic. Texans Credit Union is committed to enhancing their members’ experience, and through Alkami's digital banking platform, they've been able to continuously augment self-service capabilities for their members. The partnership with Atomic modernises a long-standing legacy process, allowing digital banking users to easily change their direct deposit with just a few clicks. Texans Credit Union's decision to collaborate with Atomic and Alkami is driven by their goals to strengthen member relationships, increase deposits, reduce call centre workload, and foster long-term loyalty among their members.

Also commenting on this partnership, Jordan Wright, Co-Founder and Chief Executive Officer of Atomic, expressed his delight on Alkami choosing Atomic to offer their direct deposit solution to their growing customer base. Direct deposits are a major driver of account growth and profitability for financial institutions. In fact, they’ve seen financial institutions who leverage Atomic experience as much as a 50% lift in direct deposit conversion. They believe the Atomic Deposit plug-in will quickly become a core component for financial institutions as they continue to scale with Alkami’s lineup of partner solutions.

What does Atomic do?

Atomic is the a provider of payroll connectivity. The company’s mission is to help financial institutions and their customers thrive by making it easy to connect to payroll. Atomic’s solutions are trusted by over 195 financial institutions and millions of consumers.

More information about Texans Credit Union

Texans Credit Union is a not-for-profit financial institution serving North Texas members since 1953. Headquartered in Richardson, Texas, Texans Credit Union has more than 120,000 members and USD 2.1 billion in assets. Their mission is to provide members with exceptional service, value, and financial products to help individuals achieve their financial goals. They offer a full range of banking services, including checking and savings accounts, loans, mortgages, credit cards, and investment options. Texans Credit Union is one of the largest credit unions in the state.


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Keywords: direct deposit, digital banking, partnership, financial institutions, online banking
Categories: Banking & Fintech
Companies: Alkami, Atomic
Countries: United States
This article is part of category

Banking & Fintech

Alkami

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Atomic

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