Galileo launches Direct Deposit Switch powered by Atomic

By Edlyn Cardoza

Galileo Financial Technologies, LLC, one of the leading financial technology companies owned and operated independently by SoFi Technologies, Inc., announced the launch of Galileo Direct Deposit Switch. Powered by Atomic, the infrastructure provider for connecting with payroll accounts, Galileo’s Direct Deposit Switch functionality allows the company’s FinTech clients to better serve consumers by offering faster access to their wages and a more streamlined approach to redirecting part or all of their paychecks into a financial services account of their choice.

With Galileo Direct Deposit Switch, customers can quickly and easily set up and update their payroll direct deposit information, specify how much of their wages to deposit in their accounts, create accounts for specific purposes, including a vacation or education fund, and make recurring deposits to multiple accounts. The new financial feature also eliminates processing delays, gives users peace of mind by instantly verifying requests, and empowers workers with greater control over where they route their funds.

“Recent Galileo research shows people are keeping money in more accounts, and they want fast, flexible ways to move and manage their money,” said David Feuer, Chief Product Officer at Galileo. “We are proud to partner with Atomic to help our bank and fintech clients simplify direct deposit onboarding, drive higher customer lifetime value and boost access to financial services that will enhance everyone’s financial future. As we continue to accelerate digital banking, Galileo Direct Deposit Switch will be the best way to drive value for our clients’ ledgers.”

Galileo Direct Deposit Switch integrates Atomic’s automated payroll connectivity to offer the ease, and convenience consumers expect from their financial services provider today. By embedding the new functionality directly into the customer onboarding experience, customers can boost direct deposit adoption by up to 50% while also increasing customer lifetime value (LTV). Banks and FinTech firms working with Galileo can further maximise customer value and retention by offering highly relevant new products to direct deposit customers.

“For financial institutions and fintech firms, a steady deposit stream is key to account profitability. These benefits extend to businesses as they look to leverage digitized and automated direct deposit payroll processes that present enormous financial opportunities,” said Lindsay Davis, Head of Markets for Atomic. “Clients leveraging payroll connectivity solutions, such as direct deposit switching, have seen as high as a 3-4X lift on direct deposit acquisition when benchmarked to other solutions.”

Galileo Direct Deposit Switch is available for most top employers and incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms, and government systems via Atomic’s network of payroll coverage.