Cloud-Based ClearBank Teams Up With J.P. Morgan to Launch Multi-Currency Bank Accounts Through API

Cloud-based clearing bank ClearBank announced on Thursday it is now offering multi-currency banking accounts through API. The banking group reported that in the fourth quarter of 2020 it will be able to offer more than 30 multi-currency bank accounts, which will provide customers with the ability to move funds between accounts with real-time foreign exchange pricing based on interbank rates.

“[The] functionality means ClearBank customers will benefit from increased liquidity, improved visibility into cash flows, and greater control as the need to transfer funds to third party accounts is removed.”

J.P. Morgan is notably the cash management provider to ClearBank and will provide access to multiple currencies, pricing, and executives all through an API, with client funds continuing to be held by ClearBank. ClearBank further reported that J.P. Morgan’s assistance ensures customers will continue to use the benefits of its cloud-native and API banking accounts, as well as be connected to a host of treasury, liquidity and safeguarding management services. 

ClearBank also reported that J.P. Morgan will also provide FX liquidity to its platform, allowing its customers to have notably rapid access to multiple currencies. Speaking about the collaboration, Simon Jones, Chief Customer Officer of ClearBank, stated:

“Before, there were only two options for firms looking to help their customers hold and move multiple currencies. One, obtain multi-currency capabilities through an electronic money institution but miss out on the functionality of a fully-fledged bank account, or two, work with an established correspondent bank that isn’t API-fluent and lose time-to-market through arduous onboarding processes. With J.P. Morgan’s deep local currency market experience and ClearBank’s API-enabled products and services, this represents the best of both worlds.”

Jon Lloyd, Head of FIG Sales Europe, at J.P. Morgan, then concluded:

“APIs are becoming increasingly important to how we create a better customer experience. APIs enable us to bring services to customers in a faster, more customized way and ClearBank’s approach is indicative of the way in which the market is moving.”

Founded in 2015, ClearBank offers banking services to financial service providers, FCA-regulated businesses and Fintech. ClearBank is neutral, independent and is not constrained by legacy infrastructure.

“Our state-of-the-art technology transforms the ability for financial institutions to provide Current Accounts to their customers, resulting in faster and more efficient payments, whilst delivering financial inclusion.”

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