Atomic, the market-leading payroll connectivity solution, and Bond Financial Technologies Inc., the leading embedded finance company, announced the deepening of their existing partnership with the launch of Atomic’s Repay product, which allows customers to embed repayment of financial obligations over time directly from their paycheck.
Repay allows consumers to make recurring payments, such as breaking up monthly rent or repaying a loan in smaller installments instead of larger lump sums. This service saves financially strained consumers from taking out a loan or missing repayment dates by connecting repayments from their wages instead of a bank account. In the case of an employer benefit, the administrative costs are assumed by employers, making it a desirable option for those seeking easier ways to make ends meet.
Atomic introduces Repay, powered by Bond, enabling consumers to make payments over time directly from their paycheck.
“Repay gives consumers the tools to take control of their personal finances, both income and liabilities, and for customers to proactively tailor products to their user’s financial profile with payroll data. For financially vulnerable consumers, it works as a fractional repayment plan that gives them a lifeline to pay for things they need without having to risk falling behind on bills and incurring an avoidable fee,” said Jordan Wright, Co-founder and CEO of Atomic. “Meanwhile, our customers now have a novel option to build goodwill with consumers by offering better interest rates while minimizing default and late repayment risks.”
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Atomic uses Bond’s embedded finance infrastructure to create and open user bank accounts and avoid the burdensome integration with a sponsor bank, as well as managing KYC, ongoing transaction monitoring and compliance. When a user signs up, Repay connects payroll information, Bond opens a demand deposit account (DDA) for the user, calculates the fractional deposits, manages payment according to the due date, and automatically makes the payments on time. As an added benefit, users have full visibility into how their funds are moving around — the system monitors all deposits and distributions, provides continuous access to activities, and when needed, will refund any overpayment to the user — reconciling it all, usually in under a week.
“Bond is thrilled that we could partner again with our friends at Atomic,” said Roy Ng, CEO and Co-founder of Bond. “Atomic and Bond together bring a seamless, integrated solution to a major problem that often leaves employees confused and employers concerned about their workers’ financial well-being.”