ClearBank, the enabler of real-time clearing and embedded banking, announced it has now onboarded its first European clients to the Eurosystem’s payment rail, T2.
The fintech clearing bank welcomes OpenPayd, Pay Perform (which trades as Orbital), and Transact Payments, which will all benefit from real-time transactions reportedly made in Euros.
T2 is described as the real-time gross settlement (RTGS) system owned and operated by the Eurosystem.
Central banks and commercial banks are now able to submit payment orders in Euro to T2, where they are “processed and settled” in central bank money, i.e. money held in an account with a central bank.
After the launch of ClearBank Europe N.V., and the firm’s securing of a Credit Institution Licence in the summer; ClearBank has now reportedy joined and completed testing and onboarding of clients to the T2 payment system through De Nederlandsche Bank.
ClearBank’s cloud-based API enables the company to offer banking infrastructure that financial institutions can leverage for streamlined access to open and manage accounts andas clearing payments in real-time, enabling them to focus on offering the best service for their clients and “stay relevant in a fast-paced market.”
Unlike other European service providers with legacy/outdated systems, ClearBank’s services are reportedly accessed through a single API, underpinned by a “flexible” cloud-native platform, with more efficient and cost-effective transactions, as well as “being free of legacy issues associated with traditional banking infrastructure.”
Alongside T2, ClearBank has readied itself to offer access to other major European payment rails, including SEPA Credit Transfer and SEPA Instant Credit Transfer, which are “set to be confirmed following the relevant scheme timelines.”
Charles McManus, CEO, ClearBank said that the access to the T2 payment rail compliments the access to CHAPS.
Charles added that they provide customers with real-time payments, settlements and clearing in Euro and Sterling currency.
Charles further noted that this achievement strengthens their operational capabilities and enables them better serve customers.