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Building financial infrastructure
It’s official! Bond and Atomic have partnered to bring the best of embedded financial infrastructure together with payroll functionality.
On this episode of Interchange, we chat with Lindsay Davis, Head of Markets at Atomic. She joins us to discuss our newly minted partnership and what it means for our industry.
There are a plethora of financial problems that we plan to tackle together — from payroll access to earned wage access. As Lindsay said, “Our two infrastructure companies are coming together to reduce the complexity for developers to get up and running faster. The infrastructure to just get going is still extremely complex. If you’re thinking about integrating with a bancorp or getting a charter, there are a lot of hurdles to go through...if we can reduce some of the complexity for a developer to get up and running in hours, that will be a catalyst for the next generation of fintech that are going to come and solve these problems.”
The best metaphor we were able to conjure up for what we’re doing together comes in the form of classic, physical infrastructure. Think highways. And then all the necessary infrastructure that needs to exist to make them the efficient motorways we’ve come to expect. In this case, Bond is building the highway infrastructure by providing all the pieces of embedded financial products (KYC, Card Issuance, Bank Partner, Transaction Monitoring, etc.) on one superhighway; Atomic’s suite of payroll solutions are providing the on and off ramps. Together, we’re building the financial infrastructure of the future.
One example of the financial infrastructure of the future is the nascent products that are being built to serve the “gig economy.” It’s neither “part-time” nor “full-time” and, as a society, we’ve never had a classification system for our gig workers. People in this system are generally thin file consumers and if we’re not able to help this group become properly banked, then “our problems get worse as society,” Lindsay explains.
The financial highway we’re building together will help folks avoid overdraft fees, stay out of the payday lending cycle, and generally improve their financial health. Lindsay summarized it perfectly: “You can partner with the market leading provider for payroll connectivity and also get card issuance in one.”
If you have interesting new use cases rolling around in your head that you want to chat about or if you want to learn more about what we’re up to at Bond, we’d love to hear from you.