SALT LAKE CITY–(BUSINESS WIRE). By partnering with Atomic, Hydrogen enables companies to seamlessly integrate payroll connectivity into its platform, unlocking capabilities for employers, employees, gig economy workers and payroll providers. Businesses and organizations that work with unbanked or unbanked people can now offer consumers a wallet or card to deposit their paychecks, with tools like cashback and rewards for card purchases as an added bonus, a win for employees and employers alike.
“The rise of EWAs in recent years is a signal that worker wages aren’t what they used to be,” noted Jordan Wright, CEO and co-founder of Atomic. “We anticipate workers will demand financial health benefits to help them drive bill payments and scenarios that drive repeated use of EWA between pay cycles. Our partnership with Hydrogen enables organizations to quickly and seamlessly launch applications to help workers manage financial stress and help employers retain and attract talent.”
“This partnership is a unique opportunity for companies to rapidly bring to market customized employee debit card programs,” said Evy Natan, senior partnerships manager at Hydrogen. “In turn, these card programs create opportunities to monetize revenue from interchange fees – as opposed to penalty or interest charges – which over time encourage recurring use and loyal customers.”
The announcement comes at a precarious time in the US job market, with wages falling and unemployment at 3.7% in August, according to the Labor Department, a low in almost half a century. Workers are financially strained as inflationary pressures push up the cost of household goods. At the same time, the expense rate is outstripping wage growth, prompting workers to look for alternatives to either meet bill due dates or pay fees. Workers also use employer-sponsored Earned Wage Access (EWA) benefits and direct-to-consumer solutions to access earned but unpaid wages.
The Hydrogen-Atomic partnership brings numerous value propositions for Hydrogen and its customers. Gig economy companies can use Hydrogen’s Atomic widget to give their 1099 employees access to checkout with a great user experience. Employers can offer automatic deposit exchange and automated funding of Hydrogen cards, giving consumers rewards and cashback for purchases and generating exchange profits for employers. Meanwhile, consumer-facing organizations can redirect profits earned from interchange fees back into community building and other needs.
For both companies, the partnership brings Atomic and Hydrogen further in their shared vision of closing financial health gaps for all workers by driving the next generation of financial health services.
Atomic is the market-leading payroll connectivity provider, trusted by over 125 financial institutions, fintech companies and partners, including 12 of the largest fintech apps, offering digital-first neobank, alternative lending, crypto exchanges and digital brokerage services. Atomic’s payroll integrations provide the infrastructure to connect consumers to their financial data, automate the setup and update of direct payments, digitize proof of income and employment, repay financial obligations from their paycheck, access earned but unpaid wages and benefits use of the tax return.
Atomic simplifies complicated payroll integrations with a suite of API solutions covering over 480 unique payroll connections including established payroll providers, custom enterprise solutions, modern HR technology providers, gig economy platforms and government systems. Atomic’s payroll APIs cover 75% of the US workforce with a combined reach of 125 million workers.
Atomic was selected for a 2022 Fintech Breakthrough Award for Best Banking Transaction Solution, recognized as a Top Work Places 2022 and has raised $78.6 million from investors including Mercato Partners, Core Innovation Capital, Portage and Greylock. For more insight into the intersection of fintech and payroll, subscribe to the Atomic Intelligence newsletter.
Hydrogen is embedded finance simplified. We enable businesses to rapidly adopt white-label debit cards with no coding and one all-encompassing platform. No fintech experience is required. Launch new programs, generate new revenue, and get them to market in a matter of weeks. Our latest Web3 offering are white-label crypto debit cards that can be spent at millions of merchants worldwide. This new offering is Chainswipe branded and will help the next 100 million crypto users by making it easy and intuitive for them to spend crypto in their wallets.
Hydrogen has been recognized as a World-Changing Technology by Fast Company, FinTech Startup of the Year by KPMG Luxembourg and a winner of BBVA Open Talent USA. Hydrogen is also a graduate of the Mastercard StartPath, MassChallenge FinTech and Plug and Play FinTech accelerator programs. Hydrogen is committed to enabling organizations to create financial products for clients in the United States and around the world. For more information, please visit https://www.hydrogenplatform.com and follow us Twitter and LinkedIn.