- Atomic and Bond Monetary have partnered to launch Atomic’s Repay resolution.
- The brand new providing allows customers to show massive transactions right into a collection of smaller, recurring funds.
- Atomic made its Finovate debut at FinovateFall in September 2021.
Payroll connectivity resolution supplier Atomic and embedded finance firm Bond Monetary Applied sciences have expanded their current partnership with the launch of Atomic’s Repay resolution. Repay allows prospects to make recurring funds, turning bigger transactions reminiscent of month-to-month hire and loans right into a collection of smaller installments. Repayments come from the client’s wages as an alternative of from their checking account. This helps prospects keep away from the expense of taking out short-term loans or lacking reimbursement dates.
Atomic will use Bond’s embedded finance infrastructure to create and open person financial institution accounts, in addition to handle KYC, transaction monitoring, and compliance. When new customers join the service, Repay connects the payroll knowledge whereas Bond opens a requirement deposit account. From right here, fractional deposit quantities are calculated, that are managed primarily based on the due date, and Repay routinely makes well timed funds.
Customers have full transparency into the method. All deposits and distributions are monitored by the know-how and any overpayment is refunded to the person “often in below per week.”
“Repay offers customers the instruments to take management of their private funds, each revenue and liabilities, and for purchasers to proactively tailor merchandise to their person’s monetary profile with payroll knowledge,” Atomic co-founder and CEO Jordan Wright mentioned. He underscored the truth that Repay supplies “monetary weak customers” with the useful equal of a “fractional reimbursement plan.” Wright added that companies that provide Repay “now have a novel choice to construct goodwill with customers by providing higher rates of interest whereas minimizing default and late reimbursement dangers.”
A number one supplier of payroll APIs, and a accomplice to 12 of the biggest fintech companies – together with neobanks, various lenders, and digital brokers, Atomic made its Finovate debut final yr at FinovateFall. On the occasion, the corporate demonstrated how its payroll connectivity resolution accelerates paydays for customers, will increase direct deposit acquisition alternatives for banks and monetary establishments, and helps qualify customers for monetary companies that depend on revenue and/or employment knowledge.
Headquartered in Salt Lake Metropolis, Utah and based in 2019, Atomic has raised greater than $68 million in funding. This complete contains $40 million in Collection B funding secured this March in a spherical co-led by Mercato Companions and Greylock.
Picture by Dan Meyers on Unsplash
