Ziglu, a UK-based e-Money institution and crypto platform, has announced a partnership with ClearBank, a “cloud-based clearing bank.” ClearBank is regulated by the UK Financial Conduct Authority and the Prudential Regulation Authority. According to a company statement, Ziglu will be utilizing ClearBank’s platform to provide “virtual GBP accounts, boosting their banking services.
ClearBank powers Ziglu’s real-time processing and reporting for its GBP virtual accounts. The virtual accounts offer Ziglu customers with access to all the UK payments schemes, including real-time payments via Faster Payments. Additionally, ClearBank’s embedded banking platform is said to have benefited from improved operational efficiencies, allowing Ziglu customer teams to resolve issues faster.
ClearBank payments are cleared in-house and funds, which are held at the Bank of England, are not used for investment purposes thus improving security.
The two firms are said to be exploring a “future phase” offering FSCS protected accounts to Ziglu’s customers.
Charles McManus, ClearBank’s CEO, described Ziglu as representing “all that is exciting about Fintech and finance today.”
“With a keen sense of what their banking, investment and crypto customers will want to see next, Ziglu is perfectly poised to continue growing in 2022 and beyond. ClearBank is very pleased to have partnered with Ziglu and to provide safeguarded Virtual GBP Accounts, and we look forward to expanding the proposition together for a long time to come.”
Mark Hipperson, founder and CEO of Ziglu, commented:
“Ziglu will continue to champion the ClearBank platform. The improvements we’ve been able to deliver to customers through ClearBank have had a remarkable effect on user satisfaction. ClearBank offers us the best of both worlds – all the security of traditional banking, along with the means to quickly adapt and satisfy our digital-native customer base.”
In April of this year, it was announced that Robinhood (NASDAQ:HOOD) was aquiring Ziglu as Robinhood plans to expand internationally in the UK as well as continental Europe.
Ziglu is one of three Fintechs that is registered with the FCA as a crypto asset firm as well as being authorised by the Danish FSA as an e-money institution enabling the company to launch across all of Europe.
