ClearBank bags Dutch banking licence and expands to Europe

By Gloria Methri

ClearBank, the enabler of real-time clearing and embedded banking, has expanded into Europe, working to fulfil client demand for Euro settlement and accounts.

The newly established ClearBank Europe N.V. secured a Credit Institution Licence from the European Central Bank under the supervision of De Nederlandsche Bank. Expansion to Europe marks the first step in ClearBank’s international growth plans, with the company now competing on a regional level.

“We are thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next,” said Charles McManus, CEO, ClearBank.

Unlike other European providers with legacy systems, ClearBank’s services are accessed via a single API, underpinned by a scalable and flexible, real-time cloud-native platform. The platform was purpose-built from scratch, allowing for more efficient and cost-effective transactions and free of legacy issues associated with traditional banking infrastructure. It also operates a unique business model, where client funds are held at the central bank for maximum security.

This combination of fully licenced banking services, next-generation technology platforms, and innovative business models is in demand by both new and existing clients. The new banking licence allows ClearBank to meet that demand by providing Euro accounts and payments in addition to Sterling. This will include operating accounts, virtual accounts, and access to major European payment rails, including SEPA Credit Transfer, SEPA Instant Credit Transfer and TARGET2 (T2).

Rinse Zijlstra, who has been appointed CEO at ClearBank Europe to spearhead the continental expansion, said, “With changing regulations impacting banks and payment providers across Europe – many of which will require major overhauls of technology infrastructure – we are best placed to help our clients deliver compliant, next-generation banking and payments services. ClearBank was purpose-built to enable the banking services of tomorrow, and our expansion will see us support new and existing clients in their European growth.”

ClearBank Europe N.V. will also offer multi-currency and FX services to its European clients and upgrade ClearBank UK’s FX capabilities. The company will soon begin rolling out embedded banking services to European clients, with protected bank accounts and funds held under the Deposit Guarantee Scheme.