Digital bank Atom is partnering with Open Finance platform Plaid to roll out Open Banking services to its customers.

The app-based bank will begin the rollout by offering small business owners a streamlined loan application journey and speedier decisions.

Plaid’s data network and Open Banking technology enables customers to securely share their banking data with Atom, enabling a quicker response to lending applications.

Plaid will initially be working with Atom on a plan to accelerate the bank’s secured business lending process for both CBILS and non-CBILS applications.

In addition to using Plaid’s consumer-permissioned Open Banking data for decisioning and underwriting, Atom will also be using Plaid’s payment initiation capabilities to streamline fee payments.

The introduction of Plaid into Atom’s technology platform, including smart contracts and machine learning capabilities, will also underpin new direct to market smart savings and lending propositions, Atom Bank said in a statement.

Edward Twiddy, chief customer officer at Atom bank said: “We always want to make things simple and easy for our customers and take away the hassle and frustration. This is why we’re so excited to work with Plaid as part of an exciting programme of new business banking product launches and service improvements in 2021.”

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