Atomic Provides Solution to Fifth Third Bank to Enhance Digital Banking Experience with Advanced Direct Deposit Technology

July 23, 2024 at 08:00 AM EDT

Atomic is pleased to announce a collaboration with Fifth Third Bank to leverage Atomic’s cutting-edge Deposit solution within its mobile banking applications. This provides account holders with a secure, fast, and hassle-free method to manage their direct deposits.

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Atomic Provides Solution to Fifth Third Bank to Enhance Digital Banking Experience with Advanced Direct Deposit Technology (Graphic: Business Wire)

“Like with other digital products, in banking it isn’t enough to have a great product – getting set up has to be easy,” said Ben Hoffman, head of consumer product at Fifth Third. “We believe getting started with Fifth Third should be as easy as upgrading your iPhone. As part of that commitment, we partnered with Atomic to deliver a best-in-class digital direct deposit solution for our everyday banking customers that takes the time and stress out of setting up a new bank account.”

When you switch banks, one important task is to ensure your paychecks are deposited into your new account to pay your bills and make purchases. Atomic’s technology makes it easier to switch your direct deposit within the mobile or online banking app in minutes. Fifth Third is now one of the few large banks that supports this advanced technology.

"Fifth Third's collaboration with Atomic signifies a shared commitment to redefining banking standards," stated Jordan Wright, Co-founder and CEO of Atomic. "Their choice of Atomic underscores our dedication to transparency and innovative solutions. Together, we are working to enhance the digital banking landscape, offering customers a secure, and seamless financial experience."

Direct deposit switch is part of Fifth Third Momentum® Banking and is another way that the Bank is helping its customers access their pay as soon as possible. The bank has offered Early Pay since 2021, allowing customers to receive their paychecks up to two days early. This service was later expanded to gig workers and government payments, as well as receiving federal tax refunds up to 5 days early. The integration of Atomic’s Deposit solution will bring additional financial tools inside the Fifth Third Bank mobile app, making it easier for consumers to control their paycheck and financial lives.

About Atomic

Atomic is a leading financial connectivity platform trusted by over 195 financial institutions and fintech firms, including 13 of the industry's largest digital-first neobanks and 6 of the top 10 financial institutions. Atomic serves as the essential bridge between consumer data and financial solutions by allowing unparalleled access to payroll, HRIS systems, and merchants, facilitating a range of financial services including direct deposit switching, income and employment verification, and payment method updating.

With over $70 million in backing from trusted investors like Mercato Partners, Core Innovation Capital, Portage, ATX Venture Partners, and Greylock, Atomic is well-positioned to accelerate its vision of financial services that benefit both consumers and institutions. As open banking continues to shape the U.S. financial landscape, Atomic remains committed to empowering consumers to have better control of their personal data, offering a more transparent and equitable banking experience for all. To learn more visit Atomic.financial

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Member FDIC.