By Aisling Finn on Thursday 19 November 2020
The new partnership will see Atom Bank utilise Codat’s financial API to better serve its SME customers.
UK-based digital bank Atom Bank has partnered with financial API provider to support the UK’s small businesses.
The partnership will see Codat use their API to help Atom directly integrate with their business customers’ accounting platforms, without the need for manual processes.
Atom and Codat’s collaboration will help Atom to make faster and better-informed funding decisions.
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.”
By linking their accounting platform directly with Atom, SMEs are increasing the flow of financial data, which is encrypted throughout its journey and helping Atom to help them faster and more efficiently.
Pete Lord, CEO and co-founder of 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.”
Just yesterday it was announced that Codat had teamed up with Visa to give European banks better access to SME financial data.
Atom Bank has also been helping SMEs throughout the crisis, becoming a CBILS-accredited lender back in May 2020.
More recently, the digital bank teamed up with Dutch fintech SurePay to help protect its customers against fraud and prevent misdirected payments.
