In early June, we announced that we deepened our partnership with Bond Financial Technologies to enable customers to offer our pay by paycheck solution. The idea behind this new product is to give consumers options to pay for and pay off financial obligations out of their paychecks, the flexibility to make repayments in installments, access to loans at better interest rates, and the ability to keep their personal finances on track. You can read the full press release here.
In this brief, we’ll look at how our partnership works and spotlight early use cases that illustrate how customers can integrate Atomic to help end consumers automate repayments, break up recurring bills, such as rent, and contribute to employer benefits programs directly from their paychecks.
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“Atomic gives consumers the tools to take control of their personal finances, both income and liabilities and for customers to proactively tailor products to their end customer’s financial profile with payroll data. For financially vulnerable consumers, it works as a fractional repayment plan that gives them a lifeline to pay for things they need without having to risk falling behind on bills and incurring an avoidable fee. Meanwhile, our customers now have a novel option to build goodwill with consumers by offering better interest rates while minimizing default and late repayment risks.” —Jordan Wright, Co-founder and CEO of Atomic |
How does it work?
Atomic has been working with Bond, an embedded finance infrastructure provider, to create and open retail bank accounts for consumers without the burdensome integration with a sponsor bank, as well as to manage KYC, ongoing transaction monitoring, and compliance. When someone signs up, Atomic connects payroll information and Bond opens a demand deposit account (DDA) for the user, calculates the fractional deposits, manages payment according to the due date, and automatically makes the payments on time. As an added benefit, consumers have full visibility into how their funds are moving around — the system monitors all deposits and distributions, provides continuous access to activities and, when needed, will refund any overpayment to the consumer, usually in under a week.
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“Bond is thrilled that we could partner again with our friends at Atomic. Atomic and Bond together bring a seamless, integrated solution to a major problem that often leaves employees confused and employers concerned about their workers’ financial well-being.” —Roy Ng, Co-founder & CEO of Bond |
Use case spotlight: Employer benefits programs
Several partners have joined Atomic’s beta and the initial consumer sentiment for the product is positive. Dónde, which offers travel savings accounts as an employment benefit, enables workers to save and pay for travel, increasing usage of paid time off and improving overall workplace satisfaction.
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“Our customers know the importance of taking time off, but their employees must figure out how to save and plan for a vacation in a way that doesn’t add more stress and negate the benefit of time away. Atomic can meet a popular pain point for workers to stably fund the account from their payroll and maximize their employer match. Atomic’s solution has made it seamless for us to deliver on our promise to help employees stay centered.” —Rilee Buttars, CEO of Dónde |
Why now?
From our perspective, Atomic saves financially strained consumers from taking out a loan or missing repayment dates by linking payments directly from their paycheck. In the case of an employer benefit, the administrative costs are assumed by employers, making it a desirable option for those seeking easier ways to make ends meet. Our pay by paycheck solution is a unique product for customer’s to differentiate their offering and is another way to integrate payroll connectivity to unlock the power of the paycheck.
To learn more, please reach out to connect with our team.
