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ClearBank to enhance current account offering for challenger bank Dozens

By Megha Bhattacharya

January 28, 2021

  • America
  • Clearbank
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Cloud-based clearing bank, ClearBank today announced that it will be supporting the challenger digital banking app Dozens to upgrade its current account offering. The collaboration will enable Dozens’ clients to set up direct debits, standing orders and instantly transfer money. ClearBank will provide new account numbers and sort codes as well as direct access to payment networks, such as Faster Payments, via a single API.

Dozens’ mission is to help its customers manage, save and grow their money. In already difficult economic times, lengthy transaction reporting times (resulting from poor underlying technology stacks) leads to opacity around most customers’ finances, making financial wellness an impossible goal. Partnering with a clearing bank that would enable us to become more agile with payment processing was paramount to improving and scaling our current account proposition, bringing socially responsible banking to the masses and unlocking new benefits for our customers.”

“ClearBank is that perfect partner – not only does its technology provide fast, seamless access to the full UK clearing system, it was also founded on the idea of challenging a sector left unchallenged for 250 years. As such, our company missions are in strong alignment looking at evolving the old banking model, in turn, to help people gain access to a better and fairer banking experience,” said Aritra Chakravarty, Founder and CEO of Dozens.

FinTech Dozens provides its customers with a current account, saving tools and investments, all in one app. Embedded automation helps users manage their money, save and budget with real-time updates. The app also houses new financial products, enabling customers to maximise their return on investment.

“As fintechs evolve, so do their banking requirements. More customers demanding more sophisticated functionalities creates a requirement for a flexible, technology-led, banking partner to truly help their businesses scale on demand,” said Charles McManus, CEO at ClearBank. “Helping fintechs grow is what we do best. We look forward to helping Dozens remain at the forefront of this banking industry shake-up and offer customers a better way to manage their money.”

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