As open banking is making its mark on financial institutions around the world, The Credit Union Connection sat down with Tori Bandley, product manager at Atomic, to talk about open banking, how credit union should be thinking about it and Atomic’s new offering, PayLink.

The US will not be too far behind in adopting open banking. In fact the director of the Consumer Financial Protection Bureau has issued a proposed rule on personal financial data rights, which CUNA has expressed concerns about. The rule outlines the requirements for credit unions and other financial services providers to share certain consumer financial data with third-parties at the behest of consumers.  

Atomic’s PayLink employs user-permissioned access to merchants and service providers to securely update card-on-file or ACH payment methods directly within a credit union’s mobile banking app. Yet another reason to work toward top of wallet and mind!