Atomic, the market-leading payroll connectivity solution, and Bond Financial Technologies Inc., the leading embedded finance company, announced the deepening of their existing partnership with the launch of Atomic's Repay product, which allows customers to embed repayment of financial obligations over time directly from their paycheck.
Repay allows consumers to make recurring payments, such as breaking up monthly rent or repaying a loan in smaller installments instead of larger lump sums. This service saves financially strained consumers from taking out a loan or missing repayment dates by connecting repayments from their wages instead of a bank account. 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.
Repay gives consumers the tools to take control of their personal finances, both income and liabilities, and for customers to proactively tailor products to their user'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.
Atomic uses Bond's embedded finance infrastructure to create and open user bank accounts and avoid the burdensome integration with a sponsor bank, as well as managing KYC, ongoing transaction monitoring and compliance. When a user signs up, Repay connects payroll information, 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, users 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 user — reconciling it all, usually in under a week.
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, CEO and Co-founder of Bond.
Several partners have joined Atomic's Repay 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.
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. Repay 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.
Atomic is the market leading provider of payroll APIs, trusted by 12 of the largest fintech firms, including digital-first neobanks, alternative lenders, and digital brokerages. Atomic's payroll integrations provide the infrastructure to connect consumers to their financial data, automate setting up and updating direct deposits, repaying financial obligations from their paycheck, accessing earned but unpaid wages, and tapping tax withholdings on-demand.
Atomic simplifies complicated payroll integrations with a single API that covers over 450 unique payroll connections, including incumbent payroll providers, bespoke enterprise solutions, modern HR tech providers, gig-economy platforms and government systems. Atomic's payroll APIs cover 75% of the U.S. workforce with a combined reach of 125 million workers. Atomic has raised $78.6 million from investors, including Mercato Partners, Core Innovation Capital, Portage, and Greylock.
Bond enables any company to become a fintech. Through Bond's full-stack embedded finance platform, customers can offer personalized and compliant financial products to their end users, including high value-add products such as credit builder cards and commercial charge cards. Bond was founded in 2019 by industry veterans from Blackrock, Goldman Sachs, SAP, SoFi, and Twilio, with deep roots in financial services, technology and enterprise software. Bond is a remote-first company, with office locations in San Francisco (HQ), New York City and Salt Lake City.