Atomic Demos PayLink Manage at FinovateSpring

In May, Chief Product Officer, Andrea Martone, and Director of Developer Relations, Trey Botard, introduced PayLink Manage at FinovateSpring. PayLink Manage seamlessly integrates with a financial institution (FI) or fintech app, providing customers insights into their recurring payments and enables them to take action on those services directly within the app. During the demo, Andrea highlighted the benefits of PayLink Manage, showed how it will be used, and explained how it stands out from other offerings on the market.

The Benefits of PayLink Manage

FIs and fintechs want to retain primary account holders while also attracting new ones. “As open banking continues to expand and makes it easier for users to really shop around and change their primary banking relationships, more and more financial institutions are looking for ways to help improve engagement and retain their primary existing account holders,” Andrea explained.

PayLink Manage is an essential tool for boosting engagement and enhancing user experience, giving customers a compelling reason to stay with their financial services provider. It allows users to see their subscription payments and effortlessly change, pause, or cancel them directly within the FI or fintech app. By connecting users directly to merchants, Atomic can display detailed data from these merchants in the app, offering more comprehensive information than traditional transaction data.

Andrea pointed out that transaction data is where existing solutions end. “They’re using transaction data to try to take a look at what somebody’s historically paying and what their upcoming bills look like. [But] this is where Atomic’s solution goes a step further.”

Walking Through PayLink Manage

When a customer uses PayLink Manage, they gain visibility into all their transactions, both within their existing account and across external connected accounts. When they connect an account, they can access enhanced data from merchants directly without ever having to leave the banking app. This includes detailed insights into their payments and potential savings opportunities. Customers can take action on this information by canceling or pausing services, or switching the card used for payments.

Customers connect accounts via our TrueAuth technology, which simplifies the process by letting consumers use their preferred tools when logging in. This includes biometrics, autofill, and password managers. Once they make the connection, users can see their transactions and insights into their transaction history, such as how their payments may have changed over time.

Another insight particularly important to streaming services is how often that service is used. Andrea showed how users might look at their Netflix subscription in the app and see that they haven’t used it in a few months. They can then, without needing to pull up their Netflix account separately, pause or cancel that subscription as desired.

It’s important to note that all the features described below, as well as everything shown in the demo, occur entirely within the FI or fintech app. Although customers log in to external merchants to authorize data exchange, the entire experience is driven from within the same app.

The Future of PayLink Manage

PayLink Manage lays the groundwork for FIs and fintechs to provide a uniquely personalized in-app experience when customers connect multiple accounts. As we look to the future, one example of this is in the car insurance space where users will be able to connect their accounts to view all their policy information within the app. Manage will then periodically search for better auto insurance deals, ensuring users always get the best rates.

Andrea explained this future functionality as, “You can go ahead and submit that information behind the scenes when they’re not even present in the application to constantly be keeping them on the best rate for the types of coverage and the types of cars that they have.”

By providing this level of service, the FI or fintech becomes a partner that’s helping customers save money and make informed financial decisions. With the rise of open banking, this added value will distinguish leading financial service providers from their competitors. As Trey put it, “We believe that financial wellness tools are going to be the clear differentiator for financial institutions in the future.”

The full demo can be viewed below.