Raisin teams up with ClearBank for embedded banking
By Gloria Methri
German savings and investment FinTech Raisin is migrating its UK platform to ClearBank, its new Embedded Banking partner. ClearBank will provide Raisin customers with Financial Services Compensation Scheme (FSCS)-protected accounts and access to payment rails through its platform. The aim is to enhance customer experience through faster payments.
Discussing the partnership, Steven Amos, CEO of Raisin UK, said, “As we enter the next phase of the business, continuing to scale the platform through new customers and banking partners, an embedded banking solution was required to help match this scale and speed. ClearBank operates the perfect solution to enable us to do this and we are excited about the road ahead.”
Customers will benefit from ‘Confirmation of Payee’, which provides an additional layer of security when customers transfer funds into their customer account, powered by ClearBank’s cloud-based API.
This will also enable quick fund transfer and account opening processes, allowing customers to begin earning returns on their savings even quicker, as they transfer funds to savings accounts held by partner banks on the Raisin UK marketplace.
“As highly successful businesses like Raisin accelerate their growth, the rapid scaling and increasing complexity of its operations demand a step change in banking partners to help it to reach its full potential,” said Charles McManus, CEO of ClearBank.
“Our Embedded Banking offering meets these demands, by embedding high-tech banking infrastructure that allows Raisin to improve efficiencies, delight customers, and stay ahead of the competition.”
Raisin will also work with ClearBank to increase the functionality of existing products. New and existing partner banks of Raisin will see improvements in the responsiveness, reporting, and speed of funding of selected savings accounts, significantly boosting operational efficiencies.
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