Atom bank, the UK’s first bank built exclusively for smartphone and tablet, has joined the Faster Payments Scheme as a direct participant and migrated all traffic across its retail deposit book to the real-time payment scheme.

The Durham-based bank launched in 2016 and, since then has introduced a range of Fixed Saver products, Secured Business Lending and Residential Mortgages. New bank entrants often connect to Faster Payments via another bank. Being a real time and direct Faster Payments participant will enable Atom bank to connect customers and services directly to the payment system.

Mark Mullen, CEO at Atom bank, said: “We are delighted to have become a member of Faster Payments and this is a critical milestone in our Atom journey.

“Our customers expect real-time services so our joining Faster Payments enables them to send or receive money knowing that it will be instantaneous, safe and simple.  Given most customers manage so much of their lives on their phone, this partnership is a huge step in helping them to better manage their finances through our app”.