ClearBank, the enabler of real-time clearing and embedded banking for financial institutions, today announced it has expanded its partnership with PayDo, an Electronic Money Institution (EMI), offering personalised solutions to businesses and individuals with a suite of financial services.
The partnership with ClearBank will allow PayDo customers “to convert their transactions into 12 different currencies and gain access to the faster payments network.”
This step in the partnership means PayDo will “now process all GBP clearing through ClearBank.”
PayDo’s one-contract, one-dashboard product with “a suite of financial services is designed to facilitate fast and secure transactions.”
With the additional faster payment access enabled “by ClearBank, their customers can easily send money and make global transactions.”
Alexander Persidsky, Head of Operations, PayDo said:
“ClearBank has allowed us to expand our services to individual and corporate clients, and we are thrilled to offer our UK customers the ability to transact in 12 different currencies, which will optimise the flow of payments on our platform. We look forward to continuing our work with ClearBank.”
John Salter, Chief Customer Officer, ClearBank said:
“We are delighted to grow our partnership with PayDo, allowing them to evolve their services to customers. Our technology has allowed them to offer transactions in more currencies and access the faster payments network. We look forward to building on our relationship with PayDo as it continues to expand its offering.”
As covered last month, ClearBank explains that cost-effective access to Faster Payments System (FPS) is offering all the advantages of the UK’s faster payments infrastructure to UK resident customers, without incurring the “costs of being a direct scheme member.”
According to ClearBank, there has been significant growth in UK customers “using real-time deposits into Coinbase GBP wallets to purchase digital assets.”
ClearBank says that it “supports the safeguarding of Coinbase GBP customer funds.”
Virtual accounts provide Coinbase (NASDAQ:COIN) with the flexibility to “support more than 3million GBP customer wallets with a small number of real accounts.”
There’s now available a scalable platform giving Coinbase optionality “to add further products and features to bring value to their customers, and further protect consumer wealth.”