ClearBank to offer multi-currency bank accounts via API
By Megha Bhattacharya
UK-based ClearBank stated that it has become the first clearing bank to offer multi-currency bank accounts via API. The clearing bank will be able to offer more than 30 multi-currency bank accounts in the Q4 2020.
ClearBank aims to provide customers with the ability to move funds between accounts with real-time foreign exchange pricing based on interbank rates. The new development is expected to enable its customers to benefit from increased liquidity, improved visibility into cash flows, and greater control as the need to transfer funds to third party accounts is removed.
Simon Jones, Chief Customer Officer, ClearBank said, “Before, there were only two options for firms looking to help their customers hold and move multiple currencies. One, obtain multi-currency capabilities through an electronic money institution but miss out on the functionality of a fully-fledged bank account, or two, work with an established correspondent bank that isn’t API-fluent and lose time-to-market through arduous onboarding processes. With J.P. Morgan’s deep local currency market experience and ClearBank’s API-enabled products and services, this represents the best of both worlds.”
J.P. Morgan will be offering access to multiple currencies, pricing, and execution via an API; client funds will continue to be held by ClearBank. Customers will continue to access the benefits of ClearBank’s cloud-native and API-first bank accounts and will be connected to treasury, liquidity and safeguarding management services. J.P. Morgan will also provide FX liquidity to ClearBank, allowing ClearBank’s customers to have rapid access to multiple currencies.
Jon Lloyd, Head of FIG Sales Europe, at J.P. Morgan said, “APIs are becoming increasingly important to how we create a better customer experience. APIs enable us to bring services to customer in a faster, more customized way, and ClearBank’s approach is indicative of the way in which the market is moving.”
ClearBank’s banking platform provides FinTechs and regulated financial institutions in the UK and EEA access to a range of API-based banking and real-time payment services.
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