ClearBank, the enabler of real-time clearing and embedded banking, announces its partnership with Finseta plc , a foreign exchange and payments solutions company, to deliver agency banking services supporting GBP and multi-currency (MCCY) accounts. Under this partnership, Finseta will leverage ClearBank’s virtual IBAN tech in order to provide GBP and MCCY wallets for its UK customers, allowing Finseta’s clients “to move money more efficiently.”
ClearBank’s real-time payment infrastructure will “support individuals and merchants with international payment and FX requirements, as well as allowing them to access additional currencies.”
This partnership marks an important milestone for both organisations.
For Finseta, it strengthens its ability to “unlock new segments and support clients in high-value international transactions and complex FX scenarios.”
For ClearBank, it represents a step in further “expanding its support for fintechs operating in the international payments ecosystem and its ability to facilitate real-time foreign currency payments.”
Following initial discussions at the start of the year, ClearBank’s innovative API technology and collaborative approach allowed Finseta “to move from approval in September to full deployment in just a few months.”
Finseta’s technical team integrated into ClearBank’s GBP and MCCY APIs, connecting its customers “into ClearBank’s real-time rails and enabling them to make transactions immediately upon approval.”
The collaboration will initially serve Finseta’s UK customers, “with plans underway to extend the partnership into Europe.”
Through the partnership, Finseta aims “to access the SEPA payments rails to expand its operations on the continent and broaden its offering.”
John Salter, Chief Customer Officer at ClearBank said that Finseta’s speed in integrating into ClearBank’s API and “bringing accounts to market demonstrates how their technology-first approach enables our partners to act quickly to serve their customers.”
These accounts will help Finseta to deliver “efficient payments solutions for larger-scale or complex transactions.”
It demonstrates ClearBank’s position as a partner “for fintechs in the UK and Europe, and they look forward to working together to explore new opportunities for growth.”
Birinder Lally, Head of Alternative Banking at Finseta has said that by integrating directly with ClearBank’s API and “leveraging their multi-currency capabilities, they can provide flexible solutions to their clients operating across borders.”
Lally added that the partnership will help them to “support customers in managing their payments and FX exposure with greater control and efficiency, unlocking new areas for growth as we expand into higher-value transactions.”
