Specifically, Atomic has announced a strategic partnership with OneSource Virtual, aiming to offer a simplified and secure direct deposit management solution for American workers. The collaboration allows Atomic to directly engage with OneSource Virtual customers, offering better control and flexibility over their financial activities.
OneSource Virtual is a business process-as-a-service (BPaaS) provider with more than 1,000 customers according to the official press release. Specialising in streamlining administrative challenges related to payroll, taxes, benefits, and accounts payable, OSV recently introduced the digital wallet myFlexWallet to improve the financial well-being of its customers.
The collaboration between Atomic and OSV aligns with the Consumer Financial Protection Bureau's Rule 1033, promoting increased financial connectivity and empowering individuals with greater control over their direct deposit information. This partnership reflects Atomic's commitment to transforming the industry into a more interconnected and secure ecosystem, attracting new account holders and establishing primary banking relationships.
In the official press release, representatives from OSV emphasised this recent strategic move towards empowering employees and supporting financial independence. They highlighted the transformative impact of the collaboration and its contribution to providing customers with top-notch financial well-being and support tools for their employees.
Atomic's integration with OSV's digital wallet system aims to streamline the process of updating direct deposit information through CoAuth Technology, eliminating the need for payroll passwords and traditional login processes. CoAuth technology was designed to provide a better user experience and efficient operations, enhancing security through two-factor authentication methods.
In turn, officials from Atomic underscored the company's commitment to redefining the future of payroll and financial connectivity. They expressed enthusiasm for the potential impact of the partnership, emphasising the goal of creating opportunities for users to take control of their financial lives.
Atomic is a financial connectivity platform that works with more than 195 financial institutions and fintech firms. It aims to unite the financial ecosystem by sustaining the collaboration between fintechs and banks. With numerous promising partnerships on the horizon, including collaborations with major payroll providers, Atomic wants to establish a transparent, accessible, and improved financial landscape for consumers.
In July 2023, financial service tech provider eCU Technology partnered with Atomic to bring automated direct deposit switching to credit unions. The collaboration aimed to create a simplified and user-friendly account onboarding experience, enabling credit union members to switch their payroll deposit accounts in a convenient and effortless manner.
According to the information provided in the press release at the time, by joining forces, eCU Technology and Atomic were looking to modernise the banking experience for credit union members, enabling them to have increased control over their financial transactions.
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