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May 21, 2024 / 3 min read

Atomic Unveils PayLink Manage: The Actionable Subscription Management Tool for Financial Institutions

Today, we’re excited to announce the launch of PayLink Manage, Atomic’s latest subscription management technology designed to enhance how account holders view, modify and optimize their recurring payments directly within their financial institution’s app. To read the full press release in BusinessWire, see here

The average American has 4.5 subscriptions and pays an average of $924 per year, with streaming being the most popular type of subscription. Additionally, US adults spend an average of $91 on subscription services each month, and nearly half have signed up for a free trial of a paid subscription and then forgotten to cancel it, an exclusive CNET survey found.

To address these challenges, PayLink Manage enables users to seamlessly view, update, and optimize all their recurring payments, helping them cut unnecessary spending and better manage their finances. This tool provides a unified experience, allowing consumers to connect, view, and track all their recurring payments, including subscriptions and bills such as streaming services, phone and internet plans, auto insurance, rent, and mortgage payments.

What sets PayLink Manage apart is its ability to allow users to take real-time actions on their recurring payments without leaving the banking app. With Atomic’s direct connectivity, users can access insights into usage data, plan details, itemized receipts, and other critical subscription information, providing deeper analysis and facilitating precise actions to help consumers save money. 

“The new products Atomic chooses to invest in and build are determined after thoughtful conversations with clients and extensive market research. We’re confident that within a few years subscription management will become a must-have feature in any leading consumer banking application,” said Jordan Wright, Co-Founder and CEO of Atomic. “By integrating PayLink Manage, banks can not only improve their service offerings and increase engagement, but also can solidify themselves as the primary banking relationship. When banks help their account holders with innovative insights that are actionable, everybody wins.”

PayLink Manage is more than just a tool; it’s a strategic advantage for financial institutions aiming to meet the evolving needs of their customers, all while helping to solidify their position as the primary banking relationship:

  • Enhanced Service Offering: Integrating subscription management capabilities into banking apps enriches the suite of services offered to consumers and gives them a powerful tool to help them take control of their finances.
  • Deepen Relationships: Serving as the mission control for account holders’ financial activities allows financial institutions to be their go-to resource for monitoring spending, identifying opportunities to cut costs, and finding ways to save money.
  • Competitive Edge: Providing a unique solution that differentiates financial institutions in the market.
  • Customer Retention: Providing a subscription management tool enhances customer satisfaction by empowering users with greater control and delivering actionable advice to improve their financial lives. This increased value, driven by meaningful guidance and actions that help to alleviate financial stress, could lead to stronger customer loyalty and reduced churn.
  • Cross-Selling Opportunities: Providing banks with data on customer spending habits and financial needs to enable more targeted and timely offers for related financial products like loans, insurance, and savings accounts. This may increase revenue through successful cross-selling.

“PayLink leverages Atomic’s proven technology, which has already facilitated millions of secure connections across financial platforms,” said Andrea Martone, Chief Product Officer of Atomic. “With this launch, we are extending our trusted, robust connectivity framework to subscription management, providing financial institutions with a tool to enhance customer engagement and improve retention by helping people take action to improve their financial outcomes.”

“Our goal with PayLink Manage is to help financial institutions meet market demand and adapt to regulatory shifts towards greater consumer control over financial data. PayLink’s adoption represents a crucial step in the future of consumer banking, where convenience and security converge to help put financial control back in the hands of consumers.

For more information about PayLink Manage, or to meet with our team, schedule time here.