Alkami Technology (Nasdaq: ALKT), a cloud-based digital banking solutions provider for American financial institutions, announced this week that it has partnered with Atomic, a provider of payroll connectivity. The two firms will provide financial institutions with a direct deposit switching solution that allows account holders to connect their payroll accounts to any financial institution.
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 account holders a method to set up and switch direct deposits. This enhancement eliminates paper processes, significantly decreases wait times often incurred with traditional methods, and reduces the cost of deposit acquisition.
“We are excited to partner with Atomic to offer our customers this valuable solution,” said corporate development vice-president Adam Craig. “The true power of the Alkami platform is in the extensibility it offers financial institutions to grow with best-in-class 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.”
“At Texans, we are focused on creating a delightful member experience,” said Matt Moore, Texans Credit Union VP. “Since implementing Alkami’s digital banking platform, we’ve continued to identify new ways to improve our members’ self-service capabilities – making it easier and more enjoyable for our members to transact with us.”
Jordan Wright, co-founder and chief executive officer of Atomic, said that Direct deposits are a major driver of account growth and profitability for financial institutions.
“… we’ve seen financial institutions that leverage Atomic experience as much as a 50 percent lift in direct deposit conversion. We 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 best-in-class partner solutions.”
