Cloud enabled Clearing Bank ClearBank Introduces Multi-Currency Solution for Fintechs

ClearBank, the Cloud-powered clearing bank, has announced the launch of a multi-currency solution that will aim to lower the friction for Fintech firms and financial institutions that provide cross-border payments and FX capabilities.

ClearBank’s API-driven tech and Banking-as-a-Service (BaaS) capabilities have created seamless payment solutions in Sterling, for use “in partnerships with the Department for Work and Pensions and PayPoint, Tide and other multi-national brands, so the expansion into multi-currency and FX is a natural and pertinent progression for the clearing bank.”

VertoFX, a B2B currency exchange marketplace, and payments platform, is “the first to use ClearBank’s multi-currency product,” the announcement revealed.

The new multi-currency offering enables users to transact globally at an overall reduced cost and with the greatest ease, “connecting SMEs with a multi-currency bank account and user-friendly FX solutions.” The technology may be integrated into platforms that have a multi-currency offering, to “enhance the service and better serve customers.”

In response to a post-COVID period of increased digital commerce, cryptocurrency use, remittances and international travel, the demand for multi-currency capabilities “has skyrocketed and fintechs have felt the pressure to offer such capabilities to their customers.”

As a result, ClearBank has “created their API-driven solution to improve customer experience, simplify operations and give fintechs greater control and visibility over the systems.”

The announcement also mentioned:

“An additional driving force behind ClearBank’s decision to develop the multi-currency offering was the monopoly among providers that existed in the market, resulting in a lack of choice for Fintechs wanting to enable their customers to transact internationally with ease.”

In addition, ClearBank’s offering addresses “some common issues with incumbent multi-currency offerings, such as high costs, slow back-office and front-end technology and processes, difficulty in implementation and scalability, poor customer experience and difficulty in navigating slow interfaces and payment processes.”

Charles McManus, CEO at ClearBank, stated:

“We’re delighted to be beginning our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency customer. Our contribution to the payments landscape in Sterling has already been incredibly positive and influential, and we’re confident our new, multi-currency offering can continue this notion and meet the demands of the next generation of consumers and businesses and simplify FX.”

Charles added:

“Fintechs and other financial institutions have traditionally faced too many barriers to entry when it comes to offering multi-currency capabilities, with high initial costs and transaction fees being the most impactful. Today, we are proud to announce a fairer way for businesses to enable cross-border transactions.”

Ola Oyetayo, Co-Founder and CEO, VertoFX, remarked:

“Over the past year, we have successfully offered our customers Sterling accounts through our partnership with ClearBank and are glad to once again partner with them to launch full-fledged multi-currency accounts to help power the global ambitions of our customers,”

Register Now to Attend
Sponsored Links by DQ Promote



Send this to a friend