Atomic, a payroll connectivity solution that connects any financial app to user permissioned payroll accounts through a suite of APIs, enhanced EarlyPay, a solution designed to help consumers access earned but unpaid wages. The solution enables customers to unlock paycheck liquidity by tapping earned but unpaid wages ahead of their employers' pay cycles, stated Lindsay Davis, head of markets at Atomic.
"EarlyPay was a solution in high demand from customers ranging from early stage startups through to tier one financial institutions looking to bridge the gap for consumers to access their earned but unpaid wages," Davis said. "Our EarlyPay solution leverages our existing expertise in direct deposit switching with our Deposit solution and secure access to consumer-permissioned payroll data, such as viewing time and attendance, with our Verify solution."
Davis went on to say that traditional pay cycles do not always align with bill pay, which can put millions of consumers at risk of incurring overdraft fees and high interest rates for missing a closing date. New entrants have addressed this need with earned wage access (EWA) as an employer benefit, she stated, but few have tailored product offerings for financial institutions and fintech companies operating outside the benefit stack of participating organizations.
With Atomic, however, participants can help their customers unlock paycheck liquidity by tapping earned but unpaid wages ahead of employer pay cycles, Davis added.
Payroll represents a rich store of consumer data, Atomic representatives noted. Making that data accessible and interoperable has the potential to drive new, lower-cost financial products for customers, thereby improving their financial outcomes while providing financial institutions with new tools to reduce fraud, improve privacy and increase customer retention.
EarlyPay leverages Atomic's Deposit and Verify solutions, enabling Atomic customers and partners to integrate an earned wage product and meet growing demand from end consumers for paycheck access ahead of the next payday, Atomic representatives stated.
With EarlyPay, Atomic partners and customers are able to meet end-consumer demand for EWA solutions while offering a competitive solution to differentiate their product suites, and boost loyalty with customers while growing direct deposit acquisition, the company stated, further noting that EarlyPay complements Atomic's technology suite, which includes the following solutions:
Atomic has partnered with top neobanks and was the first service provider to offer Uplink, an automated direct deposit switch that connects devices to payroll systems without requiring consumer credentials, Davis noted. Uplink is VPN compatible, expanding Atomic's reach to employers that would otherwise be hidden behind a VPN system, she stated.
Atomic has also given its machine learning team an immense amount of training datasets and ML algorithms to help manage payroll system issues, the company stated, adding that it is proud of its partnerships and high customer approval ratings. Customer success and product teams are open and candid throughout the entire customer lifecycle, the company noted.
The best proof of concept at Atomic is its extensive and growing partner ecosystem, the company stated, pointing out that it works with 80 percent of the largest neobanks in the United States.
"We were the first service provider to get serious volume," Davis said. "That gave us an early advantage, but the continued volume we see is enabling us to continue to build on that advantage. Our machine learning efforts and Uplink are two examples of that."
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