Atomic, a key player focused on financial connectivity solutions, announced the launch of PayLink, a solution suite that streamlines payment switching, “making it easier for consumers to switch their primary banking relationship.”
In addition to providing a significantly improved consumer experience, this solution brings Atomic closer to “providing a platform that will enable financial institutions to align with the Consumer Financial Protection Bureau’s (CFPB) renewed focus on fostering open banking in the United States.”
Jordan Wright, Co-Founder & CEO of Atomic, said:
“With the development and launch of PayLink, Atomic is adding another critical building block to the open banking ecosystem in the United States.”
In June, CFPB Director Rohit Chopra announced the Bureau is “working to accelerate the shift to open banking through a new personal data rights rule intended to break down these obstacles [consumers face], jumpstart competition, and protect financial privacy.”
Atomic stands as a vital tool in translating this vision into “a functional reality by allowing consumers to more easily switch their banking relationship.” When switching becomes easier, competition grows between financial institutions leading “to more advantageous solutions for the U.S. public.”
Atomic believes that consumers should be “in the driver’s seat when it comes to their personal data and advocates for a system where consumers decide when, how, and with whom their data is shared.”
This ethos is deeply embedded “in its products and services, empowering consumers to exercise their personal data rights responsibly and securely.”
PayLink shifts power to consumers by offering:
- Multi-Payment Update: A simplified mechanism to update multiple subscriptions and recurring payments at once, minimizing hassle.
- Payment Management: PayLink helps consumers confidently manage subscriptions and bill payments from their new accounts.
PayLink delivers a transformative impact on the financial ecosystem with its array of features:
- Enhanced security via TrueAuth: For decades now, financial institutions have fought the systems that sought to acquire and retain their customers credentials. With TrueAuth this is no longer a concern, since TrueAuth operates without ever receiving customer credentials.
- Unified Solution: Atomic can now serve as a one-stop solution for handling both direct deposits and payment switching, eliminating the need for multiple tools.
Accelerated Account Primacy: With streamlined account opening procedures, financial institutions can more quickly become the primary choice for consumers’ banking needs. - Revenue Generation: Financial institutions may experience more payments processed through debit and credit cards, resulting in increased interchange revenue.