Oxbury selects ClearBank for offering banking solutions to UK farmers

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UK-based specialist agricultural bank & SME-focussed FinTech Oxbury has selected ClearBank as its provider for clearing and payments. The Bank is expected to leverage ClearBank’s cloud-based banking platform for gaining access to the UK payment schemes.

Oxbury aims to combine its agricultural and FinTech expertise for offering farm businesses with customised lending and savings products through its banking platform,’OxP’. Its flagship product, Oxbury Farm Credit, offers a competitive alternative to traditional banks’ overdrafts or trade finance. The company aims to assist farms and food producers, facing an unprecedented period of change during the post-COVID recovery.

Charles McManus, CEO of ClearBank, said, “As the only specialist agricultural bank in the UK, Oxbury is fulfilling a vital need, providing the agricultural community with a focussed and trusted banking provider. We’re really pleased to have been selected by Oxbury and look forward to a long-term relationship, helping to support the needs of British farmers and the rural economy.”

According to Oxbury, ClearBank’s partnership will facilitate real-time payments for the former and boost customer experience. ClearBank offers access to a range of Banking-as-a-Service solutions through its API and technology platforms.

James Farrar, CEO of Oxbury, said, “Today’s news marks another step towards the launch of Oxbury to the wider market. Through ClearBank’s next-generation banking solutions, we can now access the UK payment schemes which is another step in us realising our goal of becoming the go-to bank for farmers, food producers and the rural economy.”