ClearBank, the enabler of real-time clearing and embedded banking, recently announced a channel partnership with Plaid, a data network that serves as the analytics layer for financial services. This collab will reportedly aim to deliver faster, and frictionless Pay by Bank experiences for businesses and consumers across the United Kingdom.
For Plaid’s customers, this means simplified sending, receiving and reconciling of open banking payments via ClearBank’s virtual accounts and “direct access to the UK Faster Payments Service.”
This makes it easier for businesses to match incoming payments to individual users or transactions, “improving reconciliation and reducing manual effort.”
And with ClearBank’s real-time, cloud-native infrastructure, Plaid can offer faster, more reliable pay-ins and payouts to “help companies deliver better checkout and account-funding experiences.”
Consumers will benefit from more “predictable bank payments, powered by ClearBank’s regulated infrastructure.”
Whether making payouts or moving money “between accounts, users benefit from a more seamless, secure experience. ”
Mark Fairless, Group Chief Executive Officer, ClearBank said that their firm and Plaid share a commitment “to modernising financial services through transparency, security and innovation.”
They also stated that by combining ClearBank’s cloud-native infrastructure with Plaid’s open banking connectivity, they’re unlocking “potential for businesses to deliver faster, more reliable and secure payment experiences.”
Zak Lambert, Head of Product, Europe, Plaid said that Pay by Bank “is no longer a niche option.”
They further noted that Adoption is “rising quickly, especially among younger consumers who expect instant, secure, and low-friction ways to pay.”
Lambert added that to meet that demand, businesses need “reliable real-time payment infrastructure.”
They also mentioned that ClearBank’s technology helps Plaid “deliver instant, secure, and cost-efficient bank payments so companies can better serve their customers’ needs.”
