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Jun 14, 2024
Industry Insights

Atmos Financial: Defining Transparency in Neobanking

Atmos Financial operates within a rapidly growing industry of nonbank financial companies that offer banking products directly to customers. The industry is known as “neobanking” – and can refer to companies that provide customers with standard bank accounts (that’s what we do!) to crypto and other specialty products.

Atmos offers an unparalleled value proposition to customers, wherein every dollar within every bank account supports clean energy across a distributed balance sheet. It's an entirely unique model characterized by complexity, with a boundless potential for impact.

Our mission has always been to provide customers with the opportunity to exclusively support the clean energy transition through their bank accounts, and to accurately measure the climate impact of every deposited dollar while facilitating the involvement of more banks and credit unions in clean energy lending. You can learn more about our impact here

 

As we continue to innovate our purpose and mission daily, we have consistently prioritized safety and soundness through both our product development and internal governance.  In the wake of heightened regulatory scrutiny on the neobank and fintech industry, this strategy has proven to be a critical competitive advantage. 

Leading through Safety & Soundness 

In 2023, Atmos Financial established a direct partnership with Five Star Bank (NY), Member FDIC to provide various “Sponsor” banking services. Rather than taking on more of the banking infrastructure, Atmos determined to take on less. Our innovation was, and is, focused on elevating the clean energy sector within the banking community, not trying to reinvent how banks operate. 

Today, our services are deeply embedded within the infrastructure of our Sponsor Bank.

While customers log in to the Atmos’s banking platform and interact with our customer service, Five Star Bank (NY) maintains the ledger for all account activity and transmits money on behalf of Atmos customers. 

Rather than driving a wedge between customers and bank partners, like many fintech companies have sought to do, Atmos has taken the opposite approach to close that gap, and provide maximum transparency. Central to our direct banking model, our customers’ everyday banking activities are managed and monitored closely by our Sponsor Bank so that instances like this can’t happen. 

Operationally, Atmos’s compliance framework is bolstered by the risk management and operational excellence of one of the country’s oldest and more secure banks. Transparency and sincerity govern our daily interaction with our Sponsor Bank. We recognize that the trust our customers place in us is paramount, and Atmos continually honors that trust through its best-in-class, risk-averse approach. 

FDIC-Insured 

Atmos Financial deposits are FDIC insured through Five Star Bank (NY), Member FDIC. Like all standard US bank accounts, accounts with Atmos are insured up to the legal limit of $250,000 per customer. FDIC insurance itself protects against the event of a bank failure. Read more here to learn about the benefits and limits of FDIC insurance. 

Encrypted & SOC-2 Compliance

In 2023, Atmos chose to pursue SOC-2 compliance to further our commitment to our customers’ security and privacy.

Demonstrated through our SOC-2 certification, our customers can trust in the robust security measures we have in place to safeguard their sensitive information. To learn more about our standing as a SOC-2 compliant technology company, click here.


Redefining Values-Based Banking

In a landscape defined by innovation and regulatory scrutiny, Atmos Financial stands for transparent trust and reliability, ensuring safety and soundness while pioneering the clean energy transition within the banking sector.


Start your climate journey today - apply for an Atmos account in just 2 minutes.

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