Former Visa crypto lead launches open payments network

Atum, a new open payments network, has launched with $13.5 million in funding to change how money moves across different platforms. Founded by former Visa crypto lead Pete Cooling, the company aims to fix the 'fragmented' nature of modern payments. For retailers, this represents a potential shift in how you accept digital payments and manage transaction costs. Currently, many payment systems are siloed, meaning they don't talk to each other well. Atum uses a new protocol called 'Atomic Transfer Units' to help different financial systems settle transactions instantly. For your business, this technology could eventually mean lower processing fees and faster access to your funds. While traditional credit card networks take days to settle and charge high interchange fees, open networks like Atum are designed to move money at the speed of the internet. The goal is to create a universal language for payments that isn't tied to a single bank or card brand. While this is still early-stage technology, it indicates a major push toward 'interoperable' payments. This means you might soon be able to accept a wider variety of digital wallets or financing products through a single, streamlined connection rather than managing multiple integrations.

Source: Finextra — Lending

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