Atom bank joins forces with Plaid to help small businesses
16 February 2021
16th February 2021
Atom, the UK’s first app-based bank, is collaborating with Plaid, an Open Finance platform and data network that powers the digital financial ecosystem, to roll out open banking services to its customers, beginning with offering small business owners a streamlined loan application journey and speedier decisions. Plaid enables customers to securely share their banking data with Atom, enabling a quicker response to lending applications.
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.
The introduction of Plaid into Atom’s 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.
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.”
Atom has been very active in supporting businesses through the economic impact of the pandemic by being one of a small number of banks to offer secured loans to new, and existing, customers through the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
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About Atom bank
After securing its banking license in June 2015, Atom bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’).
Atom launched its first mobile mortgage product in December 2016 and has taken £1.8bn in deposits and lent over £2.4bn to small businesses and homeowners to date. Atom have also recently launched a new Instant Saver with a competitive rate, no short-term bonus, no limits on withdrawals and no minimum amount required at opening, it offers people much-needed flexibility while their cash works harder for them.
Atom are a mobile only and customer first bank. Based in the North East of England with a team of over 400 people, they’re here to do the right thing by their customers. 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.
Atom is an engaged and active part of the North East Community and in 2017 announced a four year STEM partnership with the Prince’s Trust in North East England.
The Atom executive team are highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 30 years’ experience in the sector and was previously CEO at the multi- award-winning telephone and internet bank first direct. The team are supported by a strong non-exec board, chaired by Bridget Rosewell CBE.
Plaid is an Open Banking platform and data network that powers the digital financial ecosystem. Over 4,000 digital financial apps and services including Transferwise, Monzo, Coinbase, and Sage, and many of the largest banks use Plaid to make it easy for their customers to connect their financial accounts.
Plaid connects with over 11,000 financial institutions across the US, Canada, the UK, and Europe. The company was founded in 2013 by Zach Perret and William Hockey and is headquartered in San Francisco, CA, US.