MOCA clients can now provide a seamless, easy method for their customers to switch their payroll direct deposits to their client-branded MOCA accounts and get paid up to 2 days early
MOCA, a Digital-First Next-Generation Card-Based Payment Platform provider, is pleased to announce that it has partnered with Atomic to provide automated direct deposit acquisition to MOCA clients.
“Combining our PromptPay feature that allows a customer to get paid up to two days early with Atomic’s solution for digital direct deposit represents another win for our clients”
Today, a financial institution’s ability to capture a payroll direct deposit is directly correlated with an account’s profitability. Payroll direct deposits typically ensure that most of a customer’s debit card spend and the interchange revenue that goes with it will accrue to the institution. That is why MOCA is focused on helping its clients attract and retain payroll direct deposits.
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Atomic digitizes payroll connectivity, turning the inefficient, highly fragmented manual process of setting up direct deposit into a friction-free, everyday experience. Along with MOCA’s PromptPay™ service, which allows a customer to get paid up to two days early, Atomic’s seamless solution gives MOCA’s clients a significant advantage in attracting and retaining payroll direct deposits.
“MOCA constantly looks for ways to give our clients a competitive edge. Our NextGen Card-Based Payment Platform provides advanced features and functionality that help our clients become the transaction account of choice,” said John Burns, CEO of MOCA. “It makes sense that we would partner with Atomic to enable our clients to capture more payroll direct deposits, more debit card transactions, and more of the accompanying interchange revenue.”
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“Atomic’s payroll connectivity is creating the next generation of bank accounts that help financial institutions accelerate the path to account profitability,” said Lindsay Davis, Head of Markets at Atomic. “Atomic’s customers have seen as much as a 75% lift on direct deposit acquisition when benchmarked to other solutions. We look forward to partnering with MOCA to help financial institutions deliver the digital-first experience their customers expect.”
Given how critical it is for financial institutions to capture payroll direct deposits, MOCA expects demand for this new feature to be strong. “Combining our PromptPay feature that allows a customer to get paid up to two days early with Atomic’s solution for digital direct deposit represents another win for our clients,” added Burns.
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