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Atom Bank enters into partnership to help small businesses

This collaboration is addressing the financial needs of small businesses in an economic climate where they face more obstacles than ever before

Atom Plaid

Atom Bank enters into partnership to help small businesses. Source: pexels.com

Atom, the UK’s app-based bank, has partnered with Plaid, an Open Finance and data network platform that supports the digital financial ecosystem. They aim to release open banking services to the customers, starting with offering small business owners a simplified application credit process.

Plaid allows customers to securely share their banking information with Atom, allowing for faster response to loan application requests.

It will primarily work with Atom to accelerate the collateralized business lending process for both CBILS ( Coronavirus Business Interruption Loan Scheme) and non-CBILS applications.

Plaid’s integration into Atom’s technology platform will also drive new smart savings and lending offerings aimed directly at the market. Combined with smart contract technology and machine learning capabilities, Atom will be able to deliver products that truly fulfill customers in real-time.

We’re so excited to work with Plaid as part of an exciting program 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
Edward Twiddy Chief Customer Officer at Atom bank 

We’ve reported that a major Israeli bank launched a new digital wallet service.

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