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.
While sharing more details about the partnership, Edward Twiddy Chief Customer Officer at Atom Bank, stated:
“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.”
Founded in 2014, Atom Bank claims to be the UK’s first bank built for mobile devices.
“To stand up against the big banks, to save customers time, offer the best products and to offer them genuine value, empowering them to take control of their finances. At the heart of the bank is the app, with an award-winning customer support team on hand to help with any queries through phone, chat, email and social media.”