ClearBank onboards first clients to T2 European payments system

By Gloria Methri

ClearBank, the enabler of real-time clearing and embedded banking, has onboarded its first European clients to the Eurosystem’s payment rail, T2. The FinTech clearing bank welcomes OpenPayd, Pay Perform (which trades as Orbital), and Transact Payments, which will all benefit from real-time transactions in Euros.

T2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem. Central banks and commercial banks can submit payment orders in Euro to T2, where they are processed and settled in central bank money, i.e. money held in an account with a central bank.

Following the opening of ClearBank Europe N.V. and the company’s securing of a Credit Institution Licence in the summer, ClearBank has joined and completed testing and onboarding clients to the T2 payment system via De Nederlandsche Bank.

“The access to the T2 payment rail compliments the already existing access to CHAPS. We now offer clients real-time payments, settlements and clearing in Euro and Sterling currency,” said Charles McManus, CEO at ClearBank. “This achievement not only strengthens our operational capabilities but also allows us to serve our customers better as we continue to grow our international presence.”

ClearBank’s cloud-based API enables the company to offer banking infrastructure that financial institutions can use to open and manage accounts and clear payments in real time easily. This allows them to focus on providing the best service for their customers and stay relevant in a fast-paced market.

Unlike other European providers with legacy systems, ClearBank’s services are accessed via a single API, underpinned by a scalable and flexible cloud-native platform, with more efficient and cost-effective transactions, as well as being free of legacy issues associated with traditional banking infrastructure.

Alongside T2, ClearBank has readied itself to offer access to other major European payment rails, including SEPA Credit Transfer and SEPA Instant Credit Transfer, which will be confirmed following the relevant scheme timelines.