Atom Bank Joins Forces With Plaid
Atom Bank, a UK-based mobile bank, announced on Tuesday it has joined forces with UK fintech Plaid to roll out open banking services to its customers, beginning with offering small business owners a new loan application journey and speedier decisions.
“Initially Plaid will be working with Atom as part of a radical acceleration in the bank’s secured business lending process for both CBILS and non-CBILS applications. In addition to using Plaid’s consumer-permissioned open banking data for decisioning and underwriting, Atom will also be using Plaid’s Payment Initiation capabilities to streamline fee payments.”
Also through the collaboration, Plaid enables customers to securely share their banking data with Atom, enabling a quicker response to lending applications. Atom Bank further explained that the introduction of Plaid into its technology platform will also underpin new direct-to-market smart savings and lending propositions. In conjunction with Atom’s unique smart contract technology and machine learning capabilities, Atom will be able to offer products that truly meet customer needs in real-time.