Atom Bank is to use technology from Codat to hook up to customers' business accounting platforms in an effort to streamline the onboarding process and make faster and better-informed lending decisions.
Using Codat's single API, Atom Bank will be able to gain permissioned access to customer financial platforms, removing the need for manual uploading and gaining a holistic overview of a firm's financial health.
The technology cuts out the need for unwieldly Excel documents and PDFs sent via email, simplifying the process of sharing information.
Tom Renwick, business banking proposition manager at Atom says: “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.”
Both Codat and Atom Bank are recipients of funds from the Banking Competition Remedies Board, which aims to inject more competition into the UK's SME lending market.