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.”
“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,”