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Clear Books Launches New Open Banking Powered Instant Bank Payments Feature
Online Accounting & Payroll software provider Clear Books has launched a brand new Open Banking feature, Instant Bank Payments, to help small businesses get paid faster and improve their cash flow. Powered by Open Banking technology, Instant Bank Payments helps businesses get paid quicker by making it easier for their customers to pay them directly via bank transfer.
This exciting new feature allows Clear Books users to enable their customers to pay them quickly and easily, directly from a button on their invoices. From here, their customers take three simple steps:
- Select the bank to pay from
- Securely authorise with their bank, using their own mobile banking app or online banking
- Confirm payment
It’s easy to get started straight away, as Instant Bank Payments works with existing business current accounts, so there’s no lengthy application forms or tricky verification process.
Ruth Fouracre, Clear Books CEO said: “Cash flow issues can cripple small businesses, so to be able to offer them a way to get paid faster, without having their money caught up with a payment processor for a week or even longer, is really exciting. Open Banking has given technology providers like Clear Books the opportunity to help small businesses get paid faster, more easily, and more cheaply. We’re delighted to offer our customers this new Instant Bank Payments feature to help them improve their cash flow.”
Instant Bank Payments is a safe and secure method of payment made possible via Open Banking infrastructure provided by Plaid. Making a payment through Instant Bank Payments offers the same level of security and protection as making a bank transfer directly through your bank.
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The Paytech Magazine Issue #16
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‘Synthetic Fraud’ Reaches Record Levels
New insights from Experian today reveal the rise of ‘synthetic fraud’ in the UK. Analysis of confirmed fraudulent and potentially fraudulent credit applications shows that there was an increase of 60% in false identity cases in 2024 when compared to 2023, with the cases now making up nearly a third (29%) of all identity fraud cases.