Atomic, Hydrogen to help workers deal with financial stress with personal finance platform

Atomicpayroll connectivity provider today announces its partnership with Hydrogena Fintech platform that “allows businesses to quickly launch white-label debit cards without coding and an all-inclusive platform.”

By partnering with Atomic, Hydrogen “enables organizations to seamlessly integrate payroll connectivity into its platform, unlocking features for employers, employees, gig economy workers and payroll providers”.

For businesses and organizations that work with the unbanked or underbanked, they can now offer consumers “a wallet or card to deposit payroll, with ancillary like cashback and rewards on card purchases a extra bonus, a victory for workers and employers”.

Jordan WrightCEO and co-founder of Atomic, said:

“The rise of EWAs in recent years is a signal that workers’ wages are no longer going as far as they used to. We anticipate that workers will demand financial health benefits that will help them anticipate bill payments and scenarios resulting in repeated use of EWA between pay cycles. Our partnership with Hydrogen enables organizations to quickly and seamlessly launch apps to help workers cope with financial stress and employers to retain and attract talent.

Evy NatanSenior Partnerships Manager at Hydrogenm remarked:

“This partnership is a unique opportunity for organizations to quickly bring to market personalized debit card programs for workers. In turn, these card programs create opportunities to monetize interchange fee revenue—versus penalties or interest charges—which, over time, encourage recurring use and loyal customers.

The announcement comes “at a precarious time in the US labor market where wages are tightening and unemployment is nearing half-century lows at 3.7% in August, according to the Labor Departments.”

Workers are financially strained “as the costs of household goods rise due to inflationary pressures”.

Simultaneously, the rate of costs “exceeds wage growth, causing workers to seek alternatives to meet bill due dates or incur costs.” Workers are also “using employer-sponsored Access to Earned Wages (EWA) benefits and direct-to-consumer solutions to access earned but unpaid wages.”

The Hydrogen-Atomic partnership “brings many value propositions for Hydrogen and its customers.”

Businesses in the gig economy can “leverage Hydrogen’s Atomic Widget to give their 1099 employees access to payment with a great user experience to boot.” Employers can “offer automatic deposit switching and automated funding of Hydrogen cards, earning consumers rewards and cashback on purchases and generating redemption profits for employers.”

Meanwhile, consumer-focused organizations can “direct profits generated from interchange fees toward community building and other needs.”

For the two companies, the partnership “takes Atomic and Hydrogen further in their shared vision of closing the gaps in financial health for all workers by powering the next generation of financial benefits for well-being”.

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