Atom bank has joined Bacs Payment Schemes Limited (Bacs).
It is claimed that the digital bank is the fourth payment service provider in less than 12 months to sign up to Bacs, which is owned by Pay.UK.
Mark Mullen, CEO at Atom bank (pictured above), said it was delighted to have joined Bacs and that this was a critical milestone in Atom’s journey.
“This will give our customers more control over facilitating payments and allow us to expand our growing portfolio in the future.
“Alongside our participation in the Faster Payments Scheme, being able to settle our own payments with Bacs means that both our customers and future commercial partners have access to this critical infrastructure through Atom’s next-generation architecture.
“We’re very excited at the prospect and at what we can do with this capability in the future.”
Paul Horlock, chief executive at Pay.UK, added: “We are committed to enabling a vibrant UK economy, and a payments industry that delivers for all of its end users, whether that’s individuals or businesses.
“Key to achieving that is embracing innovation and driving diversification; Atom bank embodies the former and – with its membership of Bacs – helps us to achieve the latter.
“I’m really pleased to have them on board.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...
Gatehouse Bank names new direct adviser
Gatehouse Bank has appointed Robert Siddall (pictured above) as a direct adviser...
British Business Bank increases facility with Simply to £180m
Non-bank lender Simply has received a third facility of £60m from the British Business Bank under the latter’s ENABLE funding programme...
OakNorth provides facility for cloud platform provider acquisition
OakNorth has provided a loan to managed service and cloud platform provider Oncore IT for the acquisition of Fuse Technologies...
Monzo to launch first USA accounts this summer
Monzo has announced it will be launching its first accounts in the USA this summer...