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ClearBank Partners With Plaid to Power Real-Time Open Banking Payments in the UK
ClearBank, the enabler of real-time clearing and embedded banking, today announces a partnership with Plaid, a data network that serves as the analytics layer for financial services. This collaboration will deliver faster, more secure, and frictionless Pay by Bank experiences for businesses and consumers across the UK.
For businesses, the partnership means simplified sending, receiving and reconciling of open banking payments via ClearBank’s virtual accounts and direct access to the UK Faster Payments Service (FPS). These virtual accounts will make 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 faster, 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 at ClearBank, said: “ClearBank and Plaid share a commitment to modernising financial services through transparency, security and innovation. By combining ClearBank’s cloud-native infrastructure with Plaid’s open banking connectivity, we’re unlocking potential for businesses to deliver faster, more reliable and secure payment experiences.”
Zak Lambert, Head of Product, Europe at Plaid, said:“Pay by Bank is no longer a niche option. Adoption is rising quickly, especially among younger consumers who expect instant, secure, and low-friction ways to pay. To meet that demand, businesses need reliable real-time payment infrastructure. ClearBank’s technology helps Plaid deliver instant, secure, and cost-efficient bank payments so companies can better serve their customers’ needs.”
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