Galileo launches direct deposit switch powered by Atomic

New financial capability increases customer lifetime value for banks and fintech firms while expanding financial access and control for consumers

SALT LAKE CITY, December 13, 2022–(BUSINESS WIRE)–Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently of SoFi Technologies, Inc. (NASDAQ: SOFI), announced the launch of the Galileo Direct Deposit Switch. Powered by Atomic, the infrastructure provider for connecting payroll accounts, Galileo’s Direct Deposit Switch functionality gives the company’s fintech clients an opportunity to better serve consumers by offering faster access to their pay and a more streamlined approach to diverting part or all of their paychecks yours to a financial services account of your choice.

With the Galileo Direct Deposit Switch, customers can quickly and easily set up and update salary direct deposit information, specify how much of their salary to deposit into their accounts, create accounts for specific purposes, including a vacation or education fund, and make recurring deposits to multiple accounts. The new financial feature also eliminates processing delays, gives users peace of mind by instantly verifying requests, and gives workers more control over where they route their money.

About 93% of US consumers receive their paychecks by direct deposit. However, the direct deposit experience is fraught with manual friction that often occurs during onboarding when workers join a new employer or request to update their payments, such as changing their primary account on file or splitting payroll routing across two or more accounts. These are simple everyday scenarios, but can be complicated because they often rely on sending instructions to HR or payroll providers. These processes remain outdated, despite heavy venture investment in the HR technology sector, but are also a prime target for account verification fraud and unforced human error. For workers, it can also delay getting paid into their desired financial accounts by up to four weeks — or two bi-weekly pay cycles. All are important pain points Atomic and Galileo have heard from customer feedback and aligned this partnership to address.

“Recent Galileo research shows that people are holding money in multiple accounts, and they want fast, flexible ways to move and manage their money,” said David Feuer, Chief Product Officer at Galileo. “We are proud to partner with Atomic to help our banking and fintech customers simplify direct deposit onboarding, drive higher customer lifetime value and increase access to financial services that will improve everyone’s financial future. As we continue to accelerate digital banking, The Galileo Direct Deposit Switch will be the best way to create value for our customers’ accounts.”

The Galileo Direct Deposit Switch integrates Atomic’s automated payroll connectivity to offer the simplicity and convenience that consumers expect from their financial services provider today. By embedding the new functionality directly into the customer experience, customers can increase the use of direct deposit by up to 50%, while increasing customer lifetime value (LTV). Banks and fintech firms working with Galileo can also further maximize customer value and retention by offering highly relevant new products to direct deposit customers.

“For financial institutions and fintech firms, a steady flow of deposits is key to account profitability. These benefits extend to businesses as they look to leverage digitized and automated direct deposit payroll processes that provide tremendous financial opportunity,” said Lindsay Davis, Head of Markets for Atomisk. “Clients leveraging payroll connectivity solutions, such as direct deposit switching, have seen as high as a 3-4X increase in direct deposit acquisition when benchmarked to other solutions.”

Galileo Direct Deposit Switch is available to most top employers and established payroll providers, tailored enterprise solutions, modern HR technology providers, gig economy platforms and government systems via Atomic’s network of payroll. To learn more about embedding this financial function as part of a broader approach to eliminate friction, activate newly onboarded customers and provide existing customers with easier options for managing their payroll, download Galileo’s new resource, The Payments Growth and Activation Playbook.

About Galileo Financial Technologies:

Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo takes the complexity out of payments and finance innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early-stage innovators and enterprise customers, Galileo supports physical and virtual payment card issuance, mobile push delivery and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.

About Atomic:

Atomic is the market-leading provider of payroll connectivity, trusted by over 160 financial institutions, fintech firms and partners, including 13 of the largest fintech apps, as well as financial firms offering digital-first neobanks, alternative lending, crypto exchanges and digital brokerages.

Atomic provides the infrastructure to connect consumers to their financial data, automate direct deposit setup and updates, digitize verifications of income and employment (VOI/VOE), repay paycheck financial obligations, access earned but unpaid wages and loss tax filing benefits, as well as supporting financial wellness benefits through its EmployerLink solutions. Atomic’s suite of API solutions simplifies complex payroll and human resources platform integrations covering over 480 unique payroll connections, including established payroll providers, tailored enterprise solutions, modern HR technology providers, gig economy platforms and government systems.

Atomic is ranked by CB Insights as a Fintech 250, selected by the Fintech Breakthrough Awards as a Best Banking Transaction Solution, and recognized as a Top Work Places 2022. Atomic has raised $78.6 million from investors including Greylock, Mercato Partners, Core Innovation Capital, Portage and ATX Venture Partners. For more insight into the intersection of fintech and payroll, subscribe to Atomics Intelligence newsletter.

See the source version at businesswire.com: https://www.businesswire.com/news/home/20221213005235/en/

Contacts

Galileo Media Contact:
Alyssa Clayton
The Fletcher Group
647-390-9085
[email protected]

Atomic press connector:
Lindsay Davis
Head of Markets, Atomic
954-529-3995
[email protected]