Backbase & Atomic: Direct Deposit & Income Verification Solutions

Today, we’re excited to announce our latest partnership with Backbase, the global leader in Engagement Banking. This collaboration integrates our direct deposit and income verification capabilities seamlessly into Backbase’s Engagement Banking Platform. Through this partnership, financial institutions can offer their customers the ability to digitally switch direct deposits during account setup and electronically confirm income and employment details during loan processes, ultimately enhancing user experience and boosting user retention. To read the full press release, check out the details on Business Wire.

Benefits for Community Banks and Credit Unions

Helping community banks and credit unions become more competitive by offering the following benefits:

• Enhanced Customer Experience: The integration provides a frictionless end-to-end process for users to manage their money and digitally update their direct deposit.
• Higher Direct Deposit Adoption: Financial institutions can see significant increases in direct deposit adoption rates over paper methods.
• Increased Lending Rates: Real-time verification data provides faster and more thorough customer qualification, keeping applicants engaged from initiation to submission.
• Streamlined Operations: Backbase’s platform eliminates vendor lock-in and silos, while Atomic’s service facilitates quicker account changes that go into effect the same or next pay cycle.

Incorporating Backbase’s Fintech-as-a-Service

This partnership is a key component of Backbase’s Fintech-as-a-Service (FaaS) offering. FaaS is empowering banks and credit unions to enhance their customer and member experience by seamlessly incorporating cutting-edge features directly into their apps. Integrating Atomic’s direct deposit switch and income verification technologies into Backbase’s Engagement Banking Platform allows financial institutions to reduce time-to-market while simplifying contracting.

Mayank Somaiya, Director, Global Head of Fintech-as-a-Service at Backbase, highlights the importance of offering flexibility to customers and members in managing their finances. “By integrating Atomic into our Fintech-as-a-Service offering, financial institutions are better equipped to upgrade their banking applications with high-demand features, like offering account holders a convenient and secure way to switch deposits.”

Using Atomic User Income and Employment Authentication

In addition to setting up and switching direct deposits quickly and conveniently, financial institutions can also leverage Atomic to authenticate user income and employment details for loan evaluations. This comprehensive approach helps financial institutions grow and strengthen direct deposits, account acquisition, and primary customer relationships.

Jordan Wright, Co-Founder and CEO of Atomic, emphasizes that “Combining Atomic’s leading direct deposit switch technology with Backbase’s cutting-edge Engagement Banking Platform is a win-win.” These financial institutions can also expand their lending operations by leveraging digital income and employment verification directly within their online and mobile banking platforms. Atomic’s mission is to provide financial institutions with a toolkit to modernize their operations and exceed customer expectations.

Empowering Users with TrueAuth Authentication

Atomic’s solutions use patent-pending TrueAuth connectivity technology to securely update direct deposits and verify income and employment. With TrueAuth, users authenticate directly on their own devices, eliminating the need to share passwords with Atomic. This approach empowers users by giving them control over their own data while reinforcing trust and a commitment to privacy. For a smooth user experience, TrueAuth integrates natively with password managers and biometrics, thereby driving higher conversion rates.

Together with Backbase, we’re offering financial institutions experiences that prioritize convenience, security, and user satisfaction. With Atomic and Backbase, banks and credit unions have the tools they need to meet the evolving needs of their customers. We’re excited about this partnership with Backbase and look forward to transforming the banking experience.