By Peter Renton
Yesterday, Atomic launched an attention-grabbing new open banking software referred to as PayLink. One of many ache factors for switching financial institution accounts is all of the recurring funds that come out of that account.
Till now each needed to be accomplished manually. With PayLink, customers will be capable of login securely to every service provider in a single session the place Atomic will present a Plaid-like interface for updating the fee accounts. A number of accounts will be capable of be up to date inside every session.
The timing for this product launch is impeccable. The CFPB has indicated that it desires banks to make it a lot simpler to modify accounts and PayLink can ship on that promise.
With new open banking guidelines from the CFPB anticipated in This fall banks have by no means been extra open to a product like this. That’s most likely why Atomic CEO Jordan Wright stated that they’re “seeing a whole lot of inbound curiosity from their massive banking shoppers.”
Ultimately, it is a win for customers as there may be going to be quite a bit much less friction within the bank-switching course of going ahead.
FEATURED
Atomic Launches New Open Banking Software Known as PayLink
There’s nonetheless an excessive amount of friction concerned in switching financial institution accounts. However a brand new software from Atomic referred to as PayLink is addressing this friction by making it straightforward for customers to maneuver their recurring funds.
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