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Bank-as-a-service ClearBank enters UK

Thursday 2 March 2017 | 08:27 AM CET

ClearBank, a UK agency and clearing bank that provides banking-as-a-service for fintechs and banks that need to connect into payment systems and core banking technologies, has entered the UK market.

The company will provide services to FCA-regulated businesses, fintech startups and banks. Built on hybrid cloud technology via Microsoft Azure, the company offers an API developed on ISO 20022 messaging standards. ClearBank is regulated and authorized to begin operating.

In addition to announcing its launch plans, ClearBank also revealed that it raised more than USD 31 million from PPF Group and CFFI Ventures, as well as from members of its founding management team.

According to Cruickshank Report, with the improved efficiency delivered by ClearBank’s technology, between GBP 2 billion and GBP 3 billion (about USD 2.5 billion and USD 3.7 billion) could be saved from the annual costs that are paid for transactional banking in the UK.

Ahead of its launch, ClearBank will be stress-testing its solution in collaboration with a challenger bank.

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