ClearBank supports RationalFX with levelled-up payments proposition

By Sunniva Kolostyak

ClearBank, the cloud-based clearing bank, has partnered with UK payments and foreign exchange provider RationalFX, providing a range of tailored payments services that will improve the visibility, liquidity and control of funds for RationalFX’s customers.

The clearing FinTech will support RationalFX and Xendpay – both part of the Rational Group – by providing solutions that offer customers a combination of sort code, account numbers and an addressable IBAN. The companies also gain access to real-time Faster Payments, BACS and CHAPS payment rails.

This means RationalFX customers can bid goodbye to error-prone transactions references and incorrect reconciliation. With IBAN accounts, customers can transfer funds in and out directly, using just their account number and sort code, with automatic reconciliation built-in to ensure balances are updated in real-time. The accounts are also connected to Faster Payments, BACS and CHAPS, allowing flexible usage by customers with varying use-cases.

Charles McManus, CEO at ClearBank, commented: “The FX and international payment sectors are beset by technological inefficiencies. Segregating and managing customer accounts is just one of many issues facing firms like RationalFX.”

“Through our work with major institutions in this space we have created and honed dedicated tools – like virtual accounts – to tackle these complex and thorny issues. Not only has this eliminated an enormous administrative burden, it has also improved the customer experience and helped RationalFX boost customer retention in an increasingly crowded market.”

Founded in 2005, RationalFX was one of the first non-bank financial institutions to be named an Authorised Payment Institution. The firm offers market-leading deliverable FX services to individuals, SMEs and corporates, and continues to build on its impressive product suite in response to evolving client needs. Most recently, RationalFX has focused its efforts on building a tech-stack that accelerated customer payments, provided smoother onboarding, and gave better visibility on funds. The institution saw customers open more than 10,000 virtual customer accounts in January alone.

“Our clients expect us to uphold exacting product standards, therefore we needed a partner who could deliver not just innovative technology, but also tailor it to our specific needs,” Bhavin Vaghela, Global Head of Strategic Partnerships at RationalFX, added.

“ClearBank has helped us to dramatically improve our customer experience and operational efficiencies through a broader range of payments services. Now, through an API, we can open thousands of accounts at a touch of a button. This turbocharges the value we can add to clients on a daily basis and we look forward to working with ClearBank to further evolve our payment proposition.”