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.
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