Galileo’s Direct Deposit Switch functionality, which is powered by Atomic, the infrastructure provider for payroll accounts’ connectivity, gives the company’s fintech clients the opportunity to improve their consumer service by enabling expedited access to their wages. Furthermore, the solution also offers a more simplified approach to redirecting either part or the entirety of their pay checks into the financial services accounts of their choice.
Set-up and update their payroll direct deposit information in a quick and easy manner;
Specify the amount of their wages to deposit in their accounts;
Create accounts for specific purchases such as a vacation or education fund;
And make recurring deposits to multiple accounts.
Furthermore, the newly implemented financial feature eliminates processing delays, verifies requests instantly, and gives workers increased control over where they route their funds.
Galileo Direct Deposit Switch integrates Atomic’s automated payroll connectivity to provide the ease and convenience that is expected by consumers from financial services providers. By having the functionality directly embedded into the customer onboarding experience, customers have the chance to increase direct deposit adoption by up to 50%, while simultaneously increasing customer lifetime value (LTV). Additionally, banks and fintechs that collaborate with Galileo are enabled to further maximise customer value and retention by offering direct deposit customers relevant new products.
Atomic officials advised that a steady deposit stream is a key factor when it comes to account profitability for financial institutions and fintech firms, with businesses looking to leverage digitised and automated direct deposit payroll processes that showcase financial opportunities. As per information provided in the press release, clients that make use of payroll connectivity solutions of the likes of direct deposit switching, have noticed as much as a 3-4x increase on direct deposit acquisition when compared to other solutions.
Galileo Direct Deposit Switch is available for employers and payroll providers, enterprise solutions, HR tech providers, gig-economy platforms, and government systems via Atomic’s payroll coverage network.
Galileo research highlights that people keep money in multiple accounts and have a need for money movement and management in a fast and flexible manner. By partnering with Atomic, the company aims to help bank and fintech clients simplify direct deposit onboarding, drive increased customer lifetime value and boost access to financial services.
As per information offered in the press release, an estimate of 93% of US-based consumers receive their pay checks through means of direct deposit. Despite this, the direct deposit experience is encumbered with manual friction, which is a common occurrence during onboarding, when workers join a new employer of request to have their disbursements updated, such as changing the on file primary account or having their pay check’s routing split on multiple accounts. Such scenarios can be complicated as they often rely on having instructions sent to HR or payroll providers.
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