Texans Credit Union, which serves more than 120,000 members across North Texas in the USA, has gone live with the direct deposit switching solution of Atomic Financial through Alkami Technology’s cloud-based digital banking platform.
The $2.2 billion-asset credit union says the launch will enable members to “manage and transition their direct deposits with enhanced efficiency through their payroll providers” and “independently initiate changes without the involvement of HR representatives”.
Atomic says its solution “lets consumers skip the paper trail and automatically change or set up their direct deposit by digitally connecting to their payroll system in real time”.
Texans states that the solution will provide “a streamlined, fully digital process to set up and switch direct deposits, contributing to increased deposit growth, improved account acquisition and stronger primary member relationships”.
“This enhancement has shown a significant increase in direct deposit conversion rates for Atomic partners while eliminating paper processes, reducing wait times associated with traditional methods and optimising the cost-effectiveness of deposit acquisition,” the credit union continues.
The solution is available through the digital banking platform provided by Alkami after the two firms partnered up in August 2023. Texans says it has “collaborated closely” with Alkami since 2022 to leverage an open API-backed software development kit to deliver “customised digital banking enhancements”.
So far, these enhancements have orientated around an online loan application interface and optimised processes for members and employees, including “enhanced functionality, increased customisation and greater control over account features”.
Texans Credit Union, founded in 1953 and headquartered in Richardson, partnered with the Symitar division of Jack Henry & Associates in late 2020 to leverage its Episys core processing system.
