Atomic Partners with OneSource Virtual
Atomic.financial, a financial connectivity platform headquartered in Salt Lake City, has announced a partnership with Dallas-based OneSource Virtual, founded in 2008. This collaboration aims to deliver a simplified and secure direct deposit management solution to millions of American workers. It will also enable Atomic to directly connect with OneSource Virtual customers to provide their employees with unparalleled control and flexibility over their financial lives.
OSV, an official Workday partner, is a fast-growing business process-as-a-service (BPaaS) provider serving over 1,000 customers while processing transactions exceeding $150 billion annually. OSV streamlines administrative challenges linked to payroll, taxes, benefits, and accounts payable for national and regional employers. With the introduction of their digital wallet, myFlexWallet, OneSource Virtual is now able to provide tools and services to improve the financial health and well-being of their customers.
Atomic and OSV working together aligns closely with the Consumer Financial Protection Bureau's (CFPB) Rule 1033, as it fosters greater financial connectivity and empowers individuals with enhanced control over their direct deposit information. This partnership exemplifies how Atomic leads the industry in transforming it into a more interconnected and secure ecosystem, allowing financial institutions to acquire new account holders and become their primary banking relationship. Notably, four of the top 10 financial institutions trust Atomic to deliver the most secure and highest-converting direct deposit switch solution.
John Bax, Chief Financial Officer of OSV, commented on the partnership, stating, "Our collaboration with Atomic represents a strategic move towards empowering employees and fostering financial independence. It's not just about improving financial processes; it's a bold step toward enabling individuals to take control of their finances, providing them with the freedom and flexibility to select products and services that benefit them the most. Atomic is a leader in the industry, delivering innovation, security, and user experience, and we are excited about the transformative impact it will have. This announcement furthers our commitment to providing our customers with top-notch financial well-being and support tools for their employees."
Atomic's integration with OSV's digital wallet system streamlines the process of updating direct deposit information through Atomic’s CoAuth Technology, significantly enhancing user experience and operational efficiency by eliminating the need for payroll passwords and traditional login processes. CoAuth technology promises a superior user experience for account holders and lowers the barriers associated with changing financial institutions. To ensure secure identity verification, users benefit from convenient two-factor authentication methods within CoAuth, such as a phone code or the last four digits of their social security number.
"At Atomic, we're redefining the future of payroll and financial connectivity," said Jordan Wright, Co-Founder and CEO of Atomic. "Our partnership with OSV exemplifies our commitment to expanding connectivity options, making it effortless for employees to update their direct deposit preferences. Incorporating direct integrations with payroll providers, driven by our CoAuth technology, complements our existing TrueAuth and SmartAuth methods. This multi-pronged approach ensures that each user can select the most suitable connection method, ultimately resulting in increased conversion rates. It's about creating opportunities for users to take unprecedented control of their financial lives, putting financial freedom within everyone's reach."
Atomic has additional partnerships on the horizon, including collaborations with some of the industry's largest payroll providers. The company's platform is used by over 195 financial institutions and fintech firms, including 13 of the industry's largest digital-first neobanks and 4 of the top 10 financial institutions. Atomic serves as an bridge between consumer data and financial solutions by allowing unparalleled access to payroll, HRIS systems, and merchants, facilitating a range of financial services including direct deposit switching, income and employment verification, and payment method updating.
To date, Atomic has raised over $70 million in investment from Mercato Partners' (Cottonwood Heights, UT) Traverse Fund, Greylock (Menlo Park), Core Innovation Capital (San Francisco), Portage Ventures (Toronto), and ATX Venture Partners (Austin). For more funding detail see TechBuzz News' coverage of Atomic's $40 Million Series B in March 2022.
To learn more about Atomic, visit Atomic.financial.