Amir Nooriala, COO, Oaknorth

UK Challenger Bank, Oaknorth Holdings, has announced a partnership with Clear Bank, the UK based Challenger Clearing bank. The partnership will facilitate ClearBank’s platform to provide real-time payments and agency banking services and will allow Oaknorth to use ClearBank’s real-time Faster Payments infrastructure, allowing for instant payments.

Amir Nooriala, COO of OakNorth, said: “We were looking for a partner to provide us with real-time payment capabilities, and after speaking to a number of providers, we felt ClearBank was the best fit for our needs. Their API and virtual account support capabilities are best-in-class and in them, we’ve found a long-term, strategic partner who will enable us to provide an even faster and more seamless experience for our clients.”

Charles McManus, CEO of ClearBank, continued: “We are delighted to announce our partnership with OakNorth. Since its launch just a few years ago, it has established itself as one of the fastest-growing and most successful fintechs in Europe and as a key enabler and supporter of businesses. We look forward to working with OakNorth as it continues to build its offering and customer base across the UK.”

OakNorth Holdings, has recently raised an amount of $440 million from Japan’s  SoftBank Vision Fund and the Clermont Group.

Established in 2015, OakNorth is a UK bank for small and medium-sized companies that provides business and property loans. It helps its lending customers in originating, credit analyzing of loans and assists with the monitoring of their loan portfolios.

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.

by Megha Bhattacharya
Market Analyst at IBS Intelligence