Yesterday, Atomic released an interesting new open banking tool called PayLink. One of the pain points for switching bank accounts is all the recurring payments that come out of that account.
Until now each one had to be done manually. With PayLink, users will be able to login securely to each merchant in one session where Atomic will provide a Plaid-like interface for updating the payment accounts. Multiple accounts will be able to be updated within each session.
The timing for this product launch is impeccable. The CFPB has indicated that it wants banks to make it much easier to switch accounts and PayLink can deliver on that promise.
With new open banking rules from the CFPB expected in Q4 banks have never been more open to a product like this. That is probably why Atomic CEO Jordan Wright said that they are “seeing a lot of inbound interest from their large banking clients.”
In the end, this is a win for consumers as there is going to be a lot less friction in the bank-switching process going forward.
Atomic Launches New Open Banking Tool Called PayLink
There is still too much friction involved in switching bank accounts. But a new tool from Atomic called PayLink is addressing this friction by making it easy for users to move their recurring payments.
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