Recognise Bank selects ClearBank to enhance SME and retail banking

By Joy Dumasia

ClearBank, the cloud-based clearing bank, has announced its partnership with Recognise Bank, a subsidiary of City of London Group plc and the UK’s newest SME bank with retail deposit-taking capability.

The partnership sees ClearBank becoming Recognise Bank’s clearing bank, providing key account infrastructure and access to the UK’s payment schemes, including vital services, such as Confirmation of Payee (CoP) for Recognise’s newly launched savings account offering.

Recognise Bank is the latest client to use ClearBank’s CoP offering. The addition of CoP is paramount to Recognise Bank’s savings account proposition, as it enhances customer experience and promotes trust between the Bank and its customers. ClearBank’s flexible API-driven platform allows Recognise Bank to offer these regulated services quickly and securely.

Charles McManus, CEO at ClearBank, said: “Recognise Bank is built differently. It is focused on supporting UK SMEs with a range of specialised financial products designed to address their specific needs, as well as help savers, enjoy compelling rates, flexible products and the peace of mind that their money is always safe. Our next-generation banking technology has played a key role in creating this compelling offering. In particular, it’s fantastic to see our CoP offering in action, doing exactly what it was supposed to do dramatically reduce the risk of fraud for customers and give them peace of mind. We look forward to continuing to work with Recognise Bank over the coming months and years to further enhance its banking offering.”

Jason Oakley, CEO at Recognise Bank, said: “Alongside offering compelling rates to savings customers, our mission is to support SMEs the backbone of our economy – and to make their banking experience better and easier to navigate. Our partnership with ClearBank allows us to provide both our personal savings customers and our SME customers with the ‘always on’ product and services they deserve.”