Atom bank has joined the Faster Payments Scheme as a direct participant and migrated all traffic across its retail deposit book to the real-time payment scheme.
Chief executive Mark Mullen stated that as its customers expect real-time services, joining Faster Payments enables them to send or receive money knowing that it will be instantaneous, safe and simple.
“Given most customers manage so much of their lives on their phone, this partnership is a huge step in helping them to better manage their finances through our app,” he added.
After securing its banking license in June 2015, the Durham-based digital bank launched in 2016, introducing savings products, business lending and residential mortgages. Earlier in March, Atom secured £149 million in its latest wave of financing.
The most recent firms to join the Faster Payments Scheme were crypto-exchange Coinbase, through a tie-up with Barclays, and BFC Bank, using Vocalink’s PayPort service. There are now 24 participants in the scheme, which aims to offer a real-time payment service.
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