Atom bank Partners with Codat to Continue Support for SMEs during COVID-19
- Covid-19 , Lending
- 19.11.2020 10:56 am
The partnership will see Codat provide their universal API, for small business financial data, which will enable Atom to directly integrate with business customer’s accounting platforms, removing the need for manual submissions. This will result in a streamlined onboarding process and enable Atom to make faster and better-informed funding decisions.
By connecting their accounting package directly with Atom, business customers are securely sharing permissioned access to accounting data, encrypted in transit and at rest. This represents an easier and more secure way to share information.
Tom Renwick, Business Banking Proposition Manager at Atom, said: “At Atom we are continually looking to improve customer experience through the better use of technology.”
“Running a business is complex and the pandemic has increased the administrative burden on time poor business owners: our partnership with Codat will address the manual and slow exchange of data, making our application process simpler and credit approval faster.”
Pete Lord, CEO and co-founder at Codat, added: “We’re very happy to be working with the team at Atom who will use our service to enhance their lending processes and improve the borrower experience.”
“Via a single API, we’re enabling financial service organisations to integrate with a wide and growing range of accounting, banking, and commerce platforms. It means banks and lenders can get a holistic financial profile of a small business in a matter of minutes rather than days.”
Both fintechs have been awarded grants from the Banking Competition Remedies (BCR) to transform banking for small businesses and this is just one of the ways that Atom is delivering against its commitments.
Atom has been very active in supporting businesses through the economic impact of the pandemic by being one of a small number of banks to offer secured loans to new, and existing, customers through the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).