SALT LAKE CITY–(BUSINESS WIRE)–Atomic, the market-leading supplier of payroll connectivity, is asserting at present its partnership with Hydrogen, a fintech platform that allows companies to rapidly launch white label debit playing cards with no coding and one, all-inclusive platform. By partnering with Atomic, Hydrogen permits organizations to seamlessly combine payroll connectivity with its platform, unlocking options for employers, staff, gig-economy staff, and payroll suppliers. For corporations and organizations that work with the unbanked or underbanked, they will now supply shoppers a pockets or card to deposit their payroll, with auxiliaries like cashback and rewards on card purchases an added bonus, a win for each staff and employers.
“The rise of EWAs prominence in recent times is a sign staff’ wages aren’t going so far as they used to,” famous Jordan Wright, Atomic CEO and co-founder. “We anticipate staff are going to demand monetary well being advantages that assist them get forward of invoice funds and driving situations repeat utilization of EWA between pay cycles. Our partnership with Hydrogen permits organizations to rapidly and seamlessly launch purposes to assist staff sort out monetary stress and for employers to retain and entice expertise.”
“This partnership is a novel alternative for organizations to rapidly get customized debit card packages to marketplace for staff,” mentioned Evy Natan, Senior Partnerships Supervisor at Hydrogen. “In flip, these card packages create alternatives to monetize income from interchange charges—versus penalty or curiosity charges—that in time encourage recurring utilization and constant prospects.”
The announcement comes at a precarious time within the American job market when wages are tightening and unemployment hovers close to half a century lows at 3.7% in August, in keeping with the Labor Departments. Staff are financially strained as the prices for family items enhance from inflationary pressures. Concurrently, the speed of prices outpaces wage progress, driving staff to hunt out alternate options to both meet invoice due dates or incur charges. Staff are additionally using employer-sponsored earned wage entry (EWA) advantages and direct-to-consumer options to entry earned however unpaid wages.
The Hydrogen-Atomic partnership yields quite a few worth propositions for Hydrogen and its purchasers. Gig financial system corporations can leverage Hydrogen’s Atomic widget to empower their 1099 staff entry to pay with a terrific person expertise as well. Employers can supply computerized deposit switching and automatic funding of Hydrogen playing cards, incomes shoppers rewards and cashback on purchases and yielding income from interchange for employers. In the meantime, consumer-focused organizations can re-channel earned income from interchange charges again to group constructing and different wants.
For each corporations, the partnership brings Atomic and Hydrogen additional of their shared imaginative and prescient to shut monetary well being gaps for all staff by empowering the subsequent technology of monetary wellness advantages.
Atomic is the market main supplier of payroll connectivity, trusted by over 125 monetary establishments, fintech corporations and companions, together with 12 of the biggest fintech apps providing a digital-first neobank, various lending, crypto exchanges, and digital brokerages. Atomic’s payroll integrations present the infrastructure to attach shoppers to their monetary information, automate set-up and updating of direct deposits, digitize earnings and employment verifications, repay monetary obligations from their paycheck, entry earned however unpaid wages, and faucet tax submitting benefits.
Atomic simplifies sophisticated payroll integrations with a set of API options that covers over 480 distinctive payroll connections, together with incumbent payroll suppliers, bespoke enterprise options, fashionable HR tech suppliers, gig-economy platforms and authorities methods. Atomic’s payroll APIs cowl 75% of the US workforce with a mixed attain of 125 million staff.
Atomic was chosen for a 2022 Fintech Breakthrough Award for Finest Banking Transaction Resolution, acknowledged as a Prime Work Locations 2022, and has raised $78.6 million from buyers, together with Mercato Companions, Core Innovation Capital, Portage, and Greylock. For extra insights on the intersection of fintech and payroll, you may subscribe to Atomic’s Intelligence e-newsletter.
Hydrogen is embedded finance simplified. We allow companies to rapidly launch white label debit playing cards with no coding and one, all-inclusive platform. No fintech expertise is important. Launch new packages, earn new income, and get to market in weeks. Our latest Web3 providing is white labeled crypto debit playing cards that may be spent at hundreds of thousands of retailers globally. This new providing is branded as Chainswipe, and can assist onboard the subsequent 100 million crypto customers, by making it simple and intuitive for them to spend crypto of their wallets.
Hydrogen has been honored as World-Altering Expertise from Quick Firm, FinTech Startup of the 12 months from KPMG Luxembourg, and BBVA Open Expertise USA winner. Hydrogen can also be a graduate of the Mastercard StartPath, MassChallenge FinTech, and Plug and Play FinTech accelerator packages. Hydrogen is dedicated to empowering organizations to develop monetary merchandise for purchasers within the US and across the globe. For extra data, please go to https://www.hydrogenplatform.com and comply with us on Twitter and LinkedIn.