Atomic, a leading giant in payroll APIs, and Welcome Tech, the leading financial services organization for the multigenerational immigrant group, today declared a collaboration that would make financial services available to millions of Hispanics, often neglected as a community yet essential to the US economy. The strategic agreement between Welcome Tech and Atomic will enable direct deposits for about 3 million account holders and 9 million Welcome Tech community members, many of whom will have never had access to a bank account before.
“Working with a partner who knows all of the many access points that our users and the community we serve needs is what prompted the interest in teaming with Atomic,” said Amir Hemmat, CEO of Welcome Tech. Our objective is to continue to demystify and enable access to previously elusive options like financial resources; therefore, we’re developing creative products and solutions in both language and culture.”
The Claritas report, 2020, projects 62.8 million Hispanic customers. This makes over 19% of the total population.Traditional financial institutions have long ignored the Hispanic community, even though it is the country’s most significant ethnic minority. As a result, checks or cash are used to pay most of the Hispanic community Welcome Tech services.
In addition to aligning beliefs, Welcome Tech chose Atomic because of the company’s expertise in payroll APIs and extensive coverage. Atomic has the biggest reported network of employer and payroll provider connectors, allowing businesses to contact an estimated 95 million people.Furthermore, compared to other industry vendors, Atomic clients have allegedly witnessed greater consumer authentication rates due to its payroll specialty.”We’re delighted to work with Welcome Tech to help the Hispanic population gain access to financial services,” said Jordan Wright, Atomic’s co-founder, and CEO.Atomic is now accessible in Spanish to help first-time banking clients overcome linguistic obstacles and gain confidence.