PayLink is a solution suite that streamlines payment switching, facilitating consumers to switch their primary banking relationship. In addition to providing an augmented consumer experience, Atomic comes 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 US.
Making it easy for people to move their payments from one payment mechanism to another is critical in improving the broader consumer banking experience, said officials from Atomic. With the development and launch of PayLink, they are adding another critical building block to the Open Banking ecosystem in the US, and with its new TrueAuth technology - which doesn’t require Atomic to gather consumer credentials - it’s revolutionising the security and authentication protocols for user-permissioned data access.
In June 2023, CFPB announced the bureau is working to accelerate the shift to Open Banking through a new personal data rights rule intended to break down obstacles consumers face, jumpstart competition, and protect financial privacy. Atomic stands as a 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 US 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, enabling consumers to exercise their personal data rights responsibly and securely.
PayLink equips consumers with a range of benefits. It enhances security through TrueAuth, ensuring that consumer credentials remain with the user, eliminating concerns about third-party sharing. It also enables seamless switching to new bank accounts, in line with the CFPB's Open Banking goals. Additionally, it simplifies payment updates for multiple subscriptions and recurring payments, reducing hassle. Moreover, PayLink facilitates efficient payment management, allowing consumers to confidently handle 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;
User Retention: Leveraging advanced technology for an enhanced user experience, PayLink serves as a catalyst for long-term customer loyalty.
TrueAuth technology, developed by Atomic, is at the core of PayLink's innovative approach. It enhances connectivity security and user-centred features, allowing users to authenticate on their devices without sharing passwords. TrueAuth employs a secure OAuth-like method, keeping user credentials on their devices and giving users control over their data.
Additionally, TrueAuth ensures a smooth user experience with native support for password managers and compatibility with various hardware authentication methods like FaceID and TouchID, ensuring future-proof solutions. This technology revolutionises financial institutions by streamlining direct deposits and payment switching, making Atomic a top choice for consumers while promoting the CFPB's Open Banking vision.
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