ClearBank Expands with New Multi-Currency Offering
ClearBank, the cloud-based clearing bank, announces the launch of a new multi-currency solution which will reduce friction for fintechs and financial institutions who offer cross-border payments and FX capabilities.
ClearBank’s API-driven technology and Banking-as-a-Service (BaaS) capabilities have already created seamless payment solutions in Sterling, for use in partnerships with the Department for Work and Pensions and PayPoint, Tide and other multi-national brands, so the expansion into multi-currency and FX is a natural and pertinent progression for the clearing bank.
VertoFX, a B2B currency exchange marketplace and payments platform, is the first to use ClearBank’s multi-currency product.
The new multi-currency offering allows users to transact internationally at a reduced cost and with the greatest ease, connecting UK and European SMEs with a multi-currency bank account and user-friendly FX solutions. The technology can be integrated into platforms that currently have a multi-currency offering, to enhance the service and better serve customers.
In response to a post-pandemic period of increased e-commerce, cryptocurrency use, remittances and international travel, the demand for multi-currency capabilities has skyrocketed and fintechs have felt the pressure to offer such capabilities to their customers. As a result, ClearBank has created their API-driven solution to improve customer experience, simplify operations and give fintechs greater control and visibility over the systems.
An additional driving force behind ClearBank’s decision to develop the multi-currency offering was the monopoly among providers that existed in the market, resulting in a lack of choice for fintechs wanting to enable their customers to transact internationally with ease. In addition, ClearBank’s offering addresses some common issues with incumbent multi-currency offerings, such as high costs, slow back-office and front-end technology and processes, difficulty in implementation and scalability, poor customer experience and difficulty in navigating slow interfaces and payment processes.
“We’re delighted to be beginning our journey towards ensuring seamless cross-border payment solutions and to have VertoFX as our first multi-currency customer,” says Charles McManus, CEO at ClearBank. “Our contribution to the payments landscape in Sterling has already been incredibly positive and influential, and we’re confident our new, multi-currency offering can continue this notion and meet the demands of the next generation of consumers and businesses and simplify FX.
“Fintechs and other financial institutions have traditionally faced too many barriers to entry when it comes to offering multi-currency capabilities, with high initial costs and transaction fees being the most impactful. Today, we are proud to announce a fairer way for businesses to enable cross-border transactions.”
“Over the past year, we have successfully offered our customers Sterling accounts through our partnership with ClearBank and are glad to once again partner with them to launch full-fledged multi-currency accounts to help power the global ambitions of our customers,” says Ola Oyetayo, Co-Founder and CEO VertoFX
- Spline Data Announces Launch of Its First Quantitative Municipal Bond Curve Pricing Solutions Read more
- Global Fintech Leader Ascenda Announces Axis Bank Partnership Read more
- 21Shares and CoinGecko Release The Global Crypto Classification Standard Report Read more
- Tempo France and Nairagram Unite for African Remittances: A Game Changer Read more
- Broadridge Named Leading Provider of Managed Services Capabilities by Chartis Read more