Atomic, a leader in embedded financial connectivity, has launched PayNow, a new experience enabling consumers to view, manage, and pay recurring bills directly from their bank or fintech application.
PayNow allows account holders to securely connect with service providers, such as internet or mobile providers, to review upcoming bills alongside their account balances. Users can then initiate payments directly to these merchants or billers via ACH or card, all without leaving their banking app. This functionality aims to bring clarity and control to bill management.
The development of PayNow was informed by Atomic’s analysis of user behavior within its payment-switching data. This analysis revealed that nearly 20% of all payment switches occur within two days of a bill’s due date. This figure rises to 40% for mobile and internet bills due within five days, indicating that consumers frequently use their banking apps to make payment decisions.
Jordan Wright, CEO and Co-founder of Atomic, stated that PayNow was designed to meet individuals where they are, specifically when checking balances and deciding on bill payments. He added that the solution provides a simple and secure method for submitting payments from a trusted environment and is built upon the same infrastructure as the broader Atomic platform, facilitating a seamless path towards a fully connected payments hub experience.
PayNow is designed to alleviate stress associated with bill payments, particularly during periods of uncertain cash flow. By allowing users to make payments directly from their banking app, it helps them maintain control, avoid late fees, and support financial progress. The platform also creates opportunities for financial institutions and fintechs to integrate supportive services, such as cash advances, credit line access, or payment flexibility.
For financial institutions and fintechs, PayNow offers a mechanism to enhance engagement and loyalty by providing support at key points in a customer’s bill and money management. Initially focusing on mobile and internet providers, PayNow enables these institutions to engage customers during critical bill payment windows with real-time, actionable assistance.
Atomic specializes in embedded financial connectivity and serves over 195 financial institutions and fintech firms, including 9 of the top 10 financial institutions and 12 of the top 20 fintechs. The company’s product suite includes direct deposit switching, payment method updating, and bill and subscription management.
