back Back

ClearBank to offer multi-currency bank accounts via API

By Megha Bhattacharya

September 17, 2020

  • Clearbank
  • UK
Share

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.

Previous Article

September 17, 2020

UK-based Allica Bank launches £100 mn funding round

Read More
Next Article

September 17, 2020

DiBi Global announces development stage of blockchain DeFi project

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 04, 2025

Neonomics and FundingPartner to optimise real-estate payments

Read More

February 03, 2025

Enable Banking & Qred partner to offer seamless financial solutions

Read More

January 30, 2025

Fintech Galaxy gets Central Bank nod to test open banking in Jordan

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More