Plaid, Atom bank to simplify SME lending in the UK

Tuesday 16 February 2021 11:32 CET | News

App-based bank Atom has partnered with Open Finance platform Plaid to roll out Open Banking services to its customers, according to the official press release.

The partnership will start by offering small business owners a streamlined loan application journey and faster 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 smart contract technology and machine learning capabilities, Atom will be able to offer products that truly meet customer needs in real time.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Plaid , Atom, bank, SME, lending, UK, Open Banking, Open Finance, payment initiation
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

Industry Events