- Atomic and Bond Monetary have partnered to launch Atomic’s Repay answer.
- The brand new providing permits customers to show giant transactions right into a collection of smaller, recurring funds.
- Atomic made its Finovate debut at FinovateFall in September 2021.
Payroll connectivity answer supplier Atomic and embedded finance firm Bond Monetary Applied sciences have expanded their current partnership with the launch of Atomic’s Repay answer. Repay permits prospects to make recurring funds, turning bigger transactions corresponding to month-to-month lease and loans right into a collection of smaller installments. Repayments come from the shopper’s wages as a substitute of from their checking account. This helps prospects keep away from the expense of taking out short-term loans or lacking compensation 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 information 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 robotically 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 “normally 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 information,” Atomic co-founder and CEO Jordan Wright stated. He underscored the truth that Repay offers “monetary weak customers” with the practical equal of a “fractional compensation 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 compensation dangers.”
A number one supplier of payroll APIs, and a associate 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 answer 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 information.
Headquartered in Salt Lake Metropolis, Utah and based in 2019, Atomic has raised greater than $68 million in funding. This complete consists of $40 million in Collection B funding secured this March in a spherical co-led by Mercato Companions and Greylock.
Photograph by Dan Meyers on Unsplash
