Atomic, a leader in financial connectivity solutions, announced the launch of PayLink, a groundbreaking solution suite that streamlines payment switching, making it easier for consumers to switch their primary banking relationship. In addition to providing a significantly improved consumer experience, this solution brings Atomic 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 United States.
“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 Jordan Wright, Co-Founder & CEO of Atomic. “With the development and launch of PayLink, Atomic is adding another critical building block to the open banking ecosystem in the United States, and with its new TrueAuth technology – which doesn’t require Atomic to gather consumer credentials – it’s revolutionizing the security and authentication protocols for user-permissioned data access.”
Aligning with CFPB’s Focus
In June, CFPB Director Rohit Chopra announced the Bureau is “working to accelerate the shift to open banking through a new personal data rights rule intended to break down these obstacles [consumers face], jumpstart competition, and protect financial privacy.” Atomic stands as a vital 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 U.S. public.
Empowering Consumers
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, empowering consumers to exercise their personal data rights responsibly and securely.
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PayLink shifts power to consumers by offering:
- Enhanced security via TrueAuth: With TrueAuth, consumers won’t have to worry about their credentials being shared with a third party, because the consumer authenticates with their merchant directly.
- Seamless Switching: Consumers can easily transition to new bank accounts in just one session, aligning with the CFPB’s vision for open banking.
- Multi-Payment Update: A simplified mechanism to update multiple subscriptions and recurring payments at once, minimizing hassle.
- Payment Management: PayLink helps consumers confidently manage subscriptions and bill payments from their new accounts.
Transforming Financial Institutions’ Operations
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.
SOURCE: Businesswire