Atomic has launched a subscription management technology that can be added to banking apps.
With the addition of PayLink Manage, financial institutions can enable their account holders to view and make real-time changes to all their recurring payments — all within their banking app, the company said in a Tuesday (May 21) press release.
“We’re confident that within a few years subscription management will become a must-have feature in any leading consumer banking application,” Jordan Wright, co-founder and CEO of Atomic, said in the release.
Atomic’s technology provides a unified experience where users can view all their recurring payments, including subscriptions and bills for things like streaming services, phone and internet plans, auto insurance, rent and mortgage payments, according to the release.
Its direct connectivity provides users with access to insights into usage data, plan details, itemized receipts and other subscription information, the release said.
In addition to viewing their recurring payments, users can take real-time actions on them, helping them find ways to save money, per the release.
The new PayLink Manage leverages Atomic’s technology used in other solutions that connect consumer data to financial solutions by allowing access to payroll, human resources information systems (HRIS) and merchant systems, according to the release.
“With this launch, we are extending our trusted, robust connectivity framework to subscription management, providing financial institutions with a tool to enhance customer engagement and improve retention by helping people take action to improve their financial outcomes,” Andrea Martone, chief product officer at Atomic, said in the release.
In another recent entry into this space, Visa said in April that it launched a subscription manager service that financial institutions can provide to Visa cardholders.
Visa’s service provides a single place where consumers can see where their card details are stored, view recurring payments attributed to their card and stop recurring payments.
In March, Mastercard said that it is piloting a subscription management solution that financial institutions can add to their consumer banking offerings.
Mastercard’s Smart Subscriptions solution enables consumers to cancel, pause and resume their subscriptions; analyze and categorize their spending; see upcoming bills; and receive personalized offers from merchants.
Smart Subscriptions is being piloted in the United States and is expected to be launched in other markets later this year.
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