Charles McManus, CEO of ClearBank

UK challenger bank ClearBank has announced that it has been selected by London based digital securities exchange Archax for the former’s ‘Banking as a Service’ offering.

Matthew Pollard, CFO at Archax, comments: “We were looking for an institutional banking partner that would be able to scale with us as a business and handle the large size of transactions that institutional financial market exchanges need. ClearBank are clearly of that calibre and can offer us highly scalable real-time payments powered by their industry leading, technology architecture.”

“As a disrupter in the financial markets space, we wanted a partner who would embrace a non-traditional and innovative business and one that was willing to invest the time and effort needed to understand our business in order to move ahead quickly with our onboarding and deployment.”

According to the supplier, the partnership will allow Archax to utilize ClearBank’s offering in order to access a wider range of API services such as access to real-time payments and will benefit Archax’s clients with enhanced security and protection of funds from ClearBank.

Charles McManus, CEO of ClearBank added: “As a like-minded, innovative disruptor to traditional financial services, we are thrilled to have been selected by Archax. We are looking forward to working together to help bring the Archax product to market by extending access to the UK payment schemes in a secure, scalable, reliable and efficient way.”

Recently, ClearBank has entered into strategic partnerships with payments company Moorwand and the challenger bank, Oaknorth Holdings.

Headquartered in London, Archax is an institutional-grade exchange for trading asset-backed tokens. It aims to provide a regulated venue for institutions and professional investors to trade in digital securities.

Founded in 2014, ClearBank is UK’s first clearing bank in more than 250 years aiming to transform the clearing bank experience, making payments faster, cheaper and more efficient for everyone. It is connected to all UK payment schemes and designed in accordance with ISO 20022.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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