Millions of multigenerational immigrants, many for the first time, will have access to digital banking services and automatic direct deposits due to the agreement.
Fremont, CA: Atomic, the global leader in payroll APIs for direct deposit acquisition, and Welcome Tech, the largest banking and financial services system for the multigenerational immigrant community, signed a collaboration that will make financial services accessible to millions of Hispanics, a group that's overlookes but crucial to the United States' prosperity.
Atomic and Welcome Tech's tactical alliance will facilitate direct deposits for approximately 3 million account holders and 9 million Welcome Tech community members, many of whom will have access to bank accounts for the very first time.
"From a pure value alignment standpoint, working with a partner that recognizes all the different access points that our consumers and the community we serve require is what drove the interest in partnering with Atomic," said Welcome Tech's CEO, Amir Hemmat. "Welcome Tech is a trusted brand in the largest immigrant community in the U.S., the Hispanic consumer cohort, and we are growing exponentially. We are building innovative solutions and offerings both in language and in culture, and our goal is to continue to demystify and create access to previously elusive opportunities such as financial resources."
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According to a 2020 Claritas analysis, there are a projected 62.8 million Hispanic customers in the United States, accounting for 19 percent of the total population. Traditional financial institutions have historically ignored the Hispanic population, even though it is the country's most significant ethnic minority. As a result, cash or checks are used to pay most of the Hispanic community Welcome Tech serves.
In addition to aligning beliefs, Welcome Tech chose Atomic because of the company's expertise in payroll APIs and extensive coverage. As a result, cash or checks are used to pay most of the Hispanic community Welcome Tech serves. In addition to aligning beliefs, Welcome Tech chose Atomic because of the company's expertise in payroll APIs and extensive coverage.
"We are excited to partner with Welcome Tech on its mission to create access to financial services for the Hispanic community," said Jordan Wright, Atomic CEO and co-founder. "By digitizing a cash heavy population with Atomic's payroll APIs, we are able to bring bank accounts to a truly unbanked and underserved community."
Atomic is now accessible in Spanish to help first-time banking customers overcome linguistic obstacles and gain trust. Welcome Tech and Atomic are selling a product more approachable for the larger Hispanic audience, who traditionally distrust financial institutions, by adapting the user experience to the consumer's native language.
"Hispanics are central to U.S. prosperity," Wright noted. "By reducing artificial barriers and providing employers with insights on the Hispanic workforce, Welcome Tech and Atomic's shared goal is to bring more of the Hispanic community into digital financial services."
