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Backbase and Atomic partner to deliver direct deposit and income verification solutions to community banks and credit unions

Atomic integration in Backbase's Engagement Banking Platform streamlines UX, boosts direct deposits & expands lending for financial institutions.
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Atlanta, GA, Oct. 19, 2023
Backbase, the global leader in Engagement Banking, today announced that Atomic, the leader in consumer-enabled direct deposit switch technologies, will integrate its direct deposit and income and employment verification capabilities directly 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, enhancing user experience and increasing user retention. 

With this partnership, the entire process of switching accounts and verifying income will become digitally seamless, removing what is now a paper method that is full of friction, takes more time, and is also open to fraud. Customers are expecting digital-first solutions, and now, financial institutions can meet that demand to deliver a pain-free customer experience that increases primary banking relationships.

Atomic’s integration into Backbases’s Engagement Banking Platform helps 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.

This latest partnership with Atomic further expands Backbase’s Fintech-as-a-Service (FaaS) offering, which enables banks and credit unions to elevate their customer and member experience by seamlessly incorporating cutting-edge features directly into their apps. By integrating Atomic's direct deposit switch and income verification technologies into Backbase's Engagement Banking Platform, financial institutions are able to decrease time-to-market while making contracting easier and more streamlined. 

“We understand how important it is for banks and credit unions to provide more flexibility to their customers and members when it comes to managing their finances. It also aids in customer retention as it makes for a more seamless user experience,” said Mayank Somaiya, Director, Global Head of Fintech-as-a-Service, Backbase. “By integrating Atomic into our Fintech-as-a-Service offering, financial institutions are in a better position to upgrade their banking applications with high-demand features, like offering account holders a convenient and secure way to switch deposits.” 

In addition to offering a fully integrated solution that allows account holders to set up and switch direct deposits quickly and conveniently, financial institutions can also leverage Atomic to authenticate user income and employment details for loan evaluations. This helps financial institutions to grow and strengthen direct deposits, account acquisition, and primary customer relationships. 

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

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 not only empowers users by giving them control over their own data, but also reinforces trust and a commitment to privacy. For a smooth user experience, TrueAuth integrates natively with password managers and biometrics, thereby driving higher conversion rates. 

Backbase and Atomic will be at Money20/20 USA in Las Vegas Oct. 22-25 and can be found at booth #3006 (Atomic) and #14710 (Backbase). Backbase will be speaking on Sunday, Oct. 22 at 9:15 a.m. in the Marcello room, Level 4 and demoing the same day at 2:10 p.m. in the San Polo room, Level 3. Atomic will also be speaking on Sunday, Oct. 22 at 3:05 p.m. in the Murano room, Level 3 and on Monday, Oct. 23 at 3 p.m. for the Announcement Showcase. 

About Backbase 

Backbase is on a mission to re-architect banking around the customer.

Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.

Industry analysts Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform – including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Citizens Bank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, RBC, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank. 

Backbase is a private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Singapore (Asia HQ), Sydney, and Toronto.


About Atomic:

Atomic is a leading financial connectivity platform trusted by over 195 financial institutions and fintech firms, including 13 of the industry's largest digital-first neobanks and 3 of the top 10 financial institutions. Atomic serves as the essential 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. 

With over $70 million in backing from trusted investors like Mercato Partners, Core Innovation Capital, Portage, ATX Venture Partners, and Greylock, Atomic is well-positioned to accelerate its vision of financial services that benefit both consumers and institutions. As open banking continues to shape the U.S. financial landscape, Atomic remains committed to empowering consumers to have better control of their personal data, offering a more transparent and equitable banking experience for all.


Press Contacts: 

Backbase
Caliber Corporate Advisers
[email protected]  


Atomic
Becky Ross
Head of Marketing
[email protected]