Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today that it has partnered with Atomic, the market-leading provider of payroll connectivity, to provide financial institutions with a direct deposit switching solution that allows account holders to seamlessly connect their payroll accounts to any financial institution.
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.
"We are excited to partner with Atomic to offer our customers this valuable solution," said Adam Craig, vice president, corporate development. "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. 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. We were excited to learn that Alkami partnered with Atomic. Their workflow modernizes a legacy process that has been a standard for quite some time so that digital banking users can change their direct deposit with just a few clicks. We chose to partner with Atomic and Alkami to deepen member relationships, grow deposits, reduce call center volume, and create stickiness with our members," said Matt Moore, senior vice president at Texans Credit Union.
"We are thrilled that Alkami chose Atomic to offer our direct deposit solution to their growing customer base," said Jordan Wright, co-founder and chief executive officer of Atomic. "Direct deposits are a major driver of account growth and profitability for financial institutions. In fact, we've seen financial institutions who 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."
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com.
About Atomic
Atomic is the market-leading 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. For more information, visit https://atomic.financial.
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 $2.1 billion in assets. Our mission is to provide members with exceptional service, value and financial products to help individuals achieve their financial goals. We 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.