Atom is collaborating with Plaid to roll out open banking services to its customers, beginning with offering small business owners a streamlined 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.
Plaid enables customers to securely share their banking data with Atom, enabling a quicker response to lending applications.
The 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.
Edward Twiddy Chief Customer Officer at Atom bank said:
“We always want to make things simple and easy for our customers and take away the hassle and frustration. This is why we’re so excited to work with Plaid as part of an exciting programme of new business banking product launches and service improvements in 2021. We’ve tripled the business lending on our balance sheet in the last 12 months whilst making big improvements to our propositions and services, and with partners such as Plaid on side we are on a really strong trajectory for continued growth in the years ahead.”
Keith Grose, Head of International at Plaid said:
“When Open Banking first took shape, SMEs were largely ignored. Now three years in, we’re finally seeing innovative services emerge, like Atom, that solve their unique financial needs- and in an economic climate where they face bigger obstacles than ever before.”
