ClearBank expands with its new multi-currency offering

By Joy Dumasia

ClearBank, the cloud-based clearing bank, announces the launch of a new multi-currency solution that will reduce friction for FinTechs and financial institutions that offer cross-border payments and FX capabilities.

ClearBank’s API-driven technology and Banking-as-a-Service (BaaS) capabilities have already created seamless payment solutions in Sterling for use in partnerships with the Department for Work and Pensions and PayPoint, Tide and other multi-national brands, so the expansion into multi-currency and FX is a natural and pertinent progression for the clearing bank.

The new multi-currency offering allows users to transact internationally at a reduced cost and with the greatest ease, connecting the UK and European SMEs with a multi-currency bank account and user-friendly FX solutions. The technology can be integrated into platforms with a multi-currency offering to enhance the service and better serve customers.

An additional driving force behind ClearBank’s decision to develop the multi-currency offering was the monopoly among providers in the market, resulting in a lack of choice for FinTechs to enable their customers to transact internationally with ease. In addition, ClearBank’s offering addresses some common issues with incumbent multi-currency offerings, such as high costs, slow back-office and front-end technology and processes, difficulty in implementation and scalability, poor customer experience and difficulty in navigating slow interfaces and payment processes.

Charles McManus, CEO at ClearBank, said: “We’re delighted to be beginning our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency customer. Our contribution to the payments landscape in Sterling has already been incredibly positive and influential, and we’re confident our new, multi-currency offering can continue this notion and meet the demands of the next generation of consumers and businesses and simplify FX.”

Recently, IBS Intelligence reported that Tribe Payments, a payment technology provider, today announced it has entered into a partnership with ClearBank to provide Tribe’s FinTech customers with access to payment schemes using ClearBank’s agency banking and banking-as-service product sets.