Tribe Payments teams up with ClearBank to boost banking access for FinTechs
By Megha Bhattacharya
Tribe Payments, a payment technology provider, today announced it has entered into a partnership with ClearBank to provide Tribe’s FinTech customers with access to payment schemes using ClearBank’s agency banking and banking-as-service product sets.
The partnership will strengthen Tribe’s Bank Connect solution by allowing its FinTech clients to quickly and easily integrate Faster Payments, CHAPS, BACS and Direct Debit payments to improve the functionality of their offerings. The integration will allow end-users to instantly make and receive funds from their account, as well as initiate salary payments via BACs, and set-up Direct Debits.
“ClearBank is dedicated to helping fintechs gain simple, secure and compliant access to banking systems and rails. These systems and rails were once the preserve of the few, but our partnership with Tribe means that more service providers can now utilise the payments schemes they need to drive innovation and competition in the market,” said Simon Jones, Chief Customer Officer at ClearBank. “Through technology partnerships like this we are transforming the way financial products are built and delivered for the better.”
Tribe Payments’ Bank Connect solution has been integrated with ClearBank’s API first platform. Bank Connect helps fintechs that have a card programme or digital wallets on Tribe’s platform, to add banking services to their payment products.
“Fintechs need access to banking systems to create more powerful convenience-driven customer propositions,” said Alex Reddish, Chief Commercial Officer at Tribe. “Bank Connect helps to standardise access to these banking systems, cutting out complexity and unnecessary third-parties. Thanks to our collaboration with ClearBank, we can add vital payment functionality through a single API integration, giving firms the ability to provide their customers with choice, plus the chance to expand their reach, and reduce cost.”
The integration lets Tribe’s FinTech clients offer the following capabilities to their customers including faster payments, CHAPS, BACS and Direct Debit. Tribe’s clients can use the new capability from ClearBank in conjunction with Tribe’s Digital Banking solution or its core processing platform, ISAAC.
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