ClearBank and Visa (NYSE:V) have announced a collaboration on “Issuance and Money Movement solutions.” This is for both local and global transactions.
ClearBank is regulated by the UK FCA and PRA. In the EU, ClearBank is authorised by the European Central Bank (ECB) and supervised by the De Nederlandsche Bank. ClearBank is a “tech enabled” purpose built clearing bank. ClearBank recently received a Credit Institution Licence from the ECB.
ClearBank states that Visa will benefit from its real-time payment processing in both the UK and EU.
ClearBank adds that the partnership will soon launch Visa Direct that allows for cross border payments in 190+ countries. ClearBank will also be issuing Visa card.
Emma Hagan, Chief Executive Officer, ClearBank UK, said the announcement is just the beginning of their collaboration.
