Atomic Financial

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Could this be the move that finally makes you switch your bank account provider? @atomic_fi launches PayLink to auto-switch recurring payments. 👇 The new service from Atomic will allow a customer to switch direct deposits and all recurring payments without sharing login credentials. The goal is to remove the barrier to "account primacy" and ensure more consumers can switch bank accounts without the headache of setting up recurring payments. 🤔 Automagically setting up recurring payments has a "just works" feel that could be massive for conversion. It's one thing to be able to set up a new account and have your Payroll go there, but can you even remember all of your recurring payments? Never mind setting them all up again, one by one. Instead, with one click, done. 🤔 I also imagine the "not having to use login credentials" to start the process boosts conversion massively. Logging into your payroll provider or old bank account with those credentials still feels janky. Securely doing that is hard but has precedent. The whole "login with Google or Auth0" has become a default for enterprises that can be secure. Why shouldn't that work for Payroll too? 🤔 This "without sharing login credentials" thing is becoming a theme. We saw Rightfoot re-launch recently with a similar story on credentials for open banking. It seems everyone has a "patent pending" on this stuff lately. Will the market figure out its own ways to do this before those are granted? I imagine so; this feels like such a no-brainer that everyone will make it a default feature and copy rapidly. 🤔 I'm excited to see the data on the "real-time and one-click" aspect and how that impacts conversion. The UK has had a guarantee that all recurring payments would be switched by banks within 7 days of switching for a decade (Current Account Switching Service). But it led to almost zero uplift in people switching banks. My gut says that's because the "7 days of anxiety" doesn't feel auto-magic.

💸 @usbank is the first large American bank to allow automatic direct deposit switching thanks to a partnership with payroll startup @atomic_fi #us-bank-partners-with-payroll-fintech-atomic" target="_blank" rel="nofollow noopener">insightsdistilled.com/february-7/#us…

excellent @GalileoFintech partnership spotlight on @atomic_fi with their ceo Jordan Wright; touches on what they do and potential synergies moving forward. I’m excited to see them work together. 👌 $sofi youtu.be/XC3ijSrrAp8

💫 Amanda Abrams | Chief Executive Officer, Cohen Circle 💫 @lcdavis1225 | Head of Markets, @atomic_fi 💫 Emily Ellis | Head of People, @DriveWealth 💫 Alex Ford | President, North America, @EncompassCorp

Our Head of Markets @lcdavis1225 wrote a post about what this new suite of products can do for you and your business on our Insights blog. Read more here: atomic.financial/insights/emplo…