Paynetics partners with ClearBank to provide real-time execution of transactions

By Joy Dumasia

Paynetics, the regulated e-money services provider, has partnered with ClearBank to offer real-time payment and innovative banking services to customers.

This exciting collaboration allows Paynetics’ core banking system to seamlessly integrate with ClearBank’s API for near real-time access to its services and solutions. It allows the e-money regulated platform to create new services in less than eight weeks and process payments immediately.

ClearBank is a purpose-built, standalone clearing bank that can process payments instantly and securely. And it is the first clearing bank to be introduced in the UK in over 250 years. By joining forces with ClearBank, Paynetics can benefit from the clearing bank’s banking licence and robust technology solutions. It is also able to develop improved services that speak to changing customer needs.

Mike Peplow, CEO at Paynetics, said: “The payments industry is continuing to evolve, so we need a partner who is prepared to invest and move as quickly as Paynetics – we have that partner in ClearBank. We operate at a very high standard, requiring multi-currency accounts, real-time access to banking payments, and a highly reliable and scalable platform. We are always looking for innovative ways to improve our solution offering. In order to provide customers with only one integration point to access, it is important that we are able to manage and control everything via API’s from our payments platform, and ClearBank is the perfect partner to do that with. 

Working with ClearBank allows Paynetics to continue to offer its innovative range of banking as a service solutions to customers across Europe, with increased efficiency and security. Customers will now benefit from services such as access to real-time faster payments, BACS and CHAPS payment rails. Consumers want payments to be made simple, secure, and convenient, and so it’s important that we deliver a service that meets these needs.”

IBS Intelligence reported that Paynetics, a regulated e-money services provider, announced that it had secured Visa Ready certification, enabling partners to build and launch payment solutions that meet Visa’s global standards.