July Product Update

PayLink Switch

PCI DSS

Atomic is pleased to announce that we attained an Attestation of Compliance with all applicable PCI requirements in May 2024, with an acknowledgement from a third-party Qualified Security Assessor who performed extensive testing procedures. Achieving PCI DSS in addition to the SOC 2 Type 2 attestation we have maintained for multiple years continues to demonstrate our commitment to maintaining secure data practices and protecting sensitive consumer data.

Expanding Coverage

We understand that supporting easy switching options for both bank account and card-based payment methods for all of a consumers’ recurring payments and wallets is key to helping our customers achieve greater primacy. On our path towards reaching a coverage goal that enables consumers to utilize our product to switch > 90% of their recurring payments by end-of-year, we have added the following additional coverage in June:

• Add a card to Venmo, CashApp or Shopify
• Add a card or bank account to Boost Mobile and Straight Talk Wireless
• Add a bank account to an additional 1,000 utility providers

These additions bring Atomic’s total coverage to 40 merchants spanning shopping, wallets, subscriptions, cell phone carriers, cable & internet providers and insurance carriers and 2,500+ utility providers across the US.

In the coming months, we will continue to expand coverage across existing categories and add support for updating payment methods with auto lenders, mortgage servicers, and rent portals.

Try it yourself!

We heard you! With the primary question coming out of demos being “Is there an easyway I can try it without creating a bank account somewhere?” We have built a live demo application that enables our customers to use their own credentials and cards to test out the experience. To gain access to the demo application, please contact your customer success representative.

User Experience Improvements

Based on feedback from our pilot launch, we have made multiple updates to the UI to streamline the user experience, including improving update speed and adding category filter tags to the search experience.

Verify

Updates to Annual Income Derivation

As positions and salaries change, understanding a consumer’s expected gross income for the next 12 months can be key to determining whether they have the ability to pay rent or repay a loan. With this in mind, we have made adjustments to our annual income derivation to improve the accuracy and availability of projected base gross annual income. As a result, we have seen an improvement in the availability of the annual income field.

Data Availability Improvements

With expanded usage of Atomic’s verify product, we are doubling down on ensuring the highest level of data availability across connections. Month-to-month we have been focusing on different payroll systems and fields where we have identified gaps. This month we have made improvements to key data points including statement breakdowns (e.g., earnings types, YTD values), employment status, pay cycles, and income across ADP, Paycom, DFAS, and Paycor.

Validation Upgrades

One of our first learnings in the world of payroll data was that the quality and accuracy of some data fields relies on how heavily the employer utilizes them and their penchant for (1) using them correctly and (2) keeping them up to date. As a result, all payroll data pulls pass through Atomic’s programmatic validation layer prior to being returned to customers. We have made some upgrades to our validation layer this month to improve scans for inaccuracies and inconsistencies based on new findings.

Direct Deposit

Contextual Exit Drawers

At Atomic, our deposit team continuously works to improve the user experience of direct deposit switching. A better UX leads to higher conversion rates for our customers and better outcomes for end-users. To drive continuous improvement, we optimize various aspects of our UI, including subtle elements. One area of focus has been our exit confirmation process.

Released at the end of May, users now see an exit confirmation drawer tailored to the specific stage they are exiting from within the funnel. Survey data has helped us understand the challenges users face at each step, allowing us to provide relevant assistance.

We’re already seeing a positive impact, with more users engaging with these contextual exit drawers and finding their path to success. The most significant impact has been observed in the search exit drawer, where previously, users did not receive an exit confirmation. We plan to continue refining the content of these drawers to further enhance their effectiveness.

WCAG 2.2 Compliance

As of June 2024, our team has achieved compliance with WCAG 2.2. Millions of users interact with Atomic’s Transact interface every month, and we take accessibility very seriously. Our developers are dedicated to maintaining compliance with the latest WCAG standards.

In the fintech space, customers expect Atomic to uphold these standards, as our products are embedded within their offerings. Beyond meeting requirements, we see accessibility improvements as an opportunity to make our products more user-friendly and inclusive for a broader audience.