New financial feature boosts customer lifetime value for banks and fintech firms while expanding financial access and control for consumers
SALT LAKE CITY, December 13, 2022 – Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), 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 gives the company’s fintech clients an opportunity 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 accounts 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.
Approximately 93% of U.S. consumers receive their paycheck by direct deposit. However, the direct deposit experience is laden with manual friction that commonly occurs during onboarding when workers join a new employer or request to update their disbursements, such as changing their primary account on file or splitting their paycheck routing across two or more accounts. These are simple everyday scenarios but can be complicated because they often rely on sending instructions to HR or payroll providers. These processes are still dated, despite heavy venture investment in the HR technology sector, but are also a prime target for account verification fraud and unforced human errors. For workers, it can also delay getting paid in their desired financial accounts by up to four weeks — or two bi-weekly pay cycles. All are key pain points Atomic and Galileo have heard from customer feedback and aligned this partnership to solve.
“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 that 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 also further maximize 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. To learn more about embedding this financial feature as part of a broader approach to eliminating friction, activating newly onboarded clients and giving existing customers simpler options for directing their payroll funds, download Galileo's new resource, The Payments Growth and Activation Playbook.
About Galileo Financial Technologies:
Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco and Seattle.
About Atomic:
Atomic is the market-leading provider of payroll connectivity, trusted by over 160 financial institutions, fintech firms, and partners, including 13 of the largest fintech apps, as well as financial firms offering digital-first neobanks, alternative lending, crypto exchanges, and digital brokerages.
Atomic provides the infrastructure to connect consumers to their financial data, automate set-up and updates to direct deposits, digitize income and employment verifications (VOI/VOE), repay financial obligations from their paycheck, access earned but unpaid wages, and tap tax filing advantages, as well as supporting financial wellness benefits through its EmployerLink solutions. Atomic’s suite of API solutions simplifies complicated payroll and human resource platform integrations that cover over 480 unique payroll connections, including incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms and government systems.
Atomic is ranked by CB Insights as a Fintech 250, selected by Fintech Breakthrough Awards as a Best Banking Transaction Solution, and is recognized as a Top Work Places 2022. Atomic has raised $78.6 million from investors, including Greylock, Mercato Partners, Core Innovation Capital, Portage, and ATX Venture Partners. For more insights on the intersection of fintech and payroll, you can subscribe to Atomic's Intelligence newsletter.
Galileo Media Contact:
Alissa Clayton
The Fletcher Group
647-390-9085
Atomic Press Contact:
Lindsay Davis
Head of Markets, Atomic
954-529-3995
The Spring Surge: New Galileo Debit Spend Index Charts Q1 Spend and the Year Ahead
American consumers spent cautiously on debit through January and early February before early tax refunds and spring weather sparked a March spending surge, according to the inaugural Galileo Debit Spend Index.
Why Gen Z’s Debit Card Push is Eating Into Credit Card Profits
For people worried about the economy and dealing with affordability issues, one option could be to tuck that high interest rate credit card aside and reach for a trusty debit card instead. To uncover the latest debit card trends, CardRates recently sat down with Paul Dunning, Vice President of Business Development at Galileo Financial Technologies, a fintech firm owned by SoFi. He explained why Gen Z consumers are turning to debit cards and expecting rewards, the compelling case for debit card rewards, and the appeal of debit cards for the debit-first consumer.
Half of Consumers Have Chosen One Brand Over Another Because Paying or Getting a Refund Was Easier
Consumer demand for financial services embedded within brand apps is outpacing brands’ ability to deliver, with most executives recognizing the gap. New research from Galileo Financial Technologies, soon to become SoFi Technology Solutions, found that 80% of brand executives say they plan to launch integrated financial services, but only 20% have done so thus far. The 2026 Galileo Integrated Financial Services Research Report, based on surveys of more than 2,000 U.S. consumers and 150 senior executives, shows that while consumers are already using features like saved cards, rewards, and instant refunds inside brand apps, most brands have yet to launch these capabilities.
Brand Executives Fear They’re Losing Customers to Rivals With In-App Financial Tools, Galileo Research Finds
Half of consumers have chosen one brand over another because paying or getting a refund was easier
Introducing SoFi Tech Solutions: A Unified Brand Built to Power End-to-End Financial Innovation
We’re evolving from Galileo to SoFi Tech Solutions to reflect the full scope of our platform. We deliver end-to-end infrastructure for fintechs, brands, and financial institutions, now backed by SoFi’s scale and resources. Our mission stays the same: support our clients’ growth while maintaining platform neutrality and strong data protections.
