ClearBank has partnered with Plaid to deliver faster, more secure, and convenient Pay by Bank experiences for businesses and consumers in the UK.
The two companies share a commitment to offer improved solutions for their respective clients and partners, catering to their demands and needs while remaining compliant with the regulatory requirements of the industry, both locally and globally.
ClearBank and Plaid aim to modernise financial services through transparency, security and continuous development. By unifying the bank’s cloud-native infrastructure with Plaid’s Open Banking connectivity, the alliance unlocks potential for businesses to offer faster and more secure payment journeys.
Pay by Bank experiences in the UK
For individuals, this means faster and more predictable bank payments, powered by ClearBank’s compliant infrastructure, including payouts or moving money between accounts more conveniently and securely.
For businesses, the alliance simplifies sending, receiving, and reconciling of Open Banking systems, leveraging direct access to the UK Faster Payments Service (FPS) and ClearBank’s virtual accounts. This aims to make it easier for companies to match incoming payments to individual users or transactions, improving reconciliation and minimising manual effort.
Additionally, with the bank’s infrastructure, Plaid can deliver faster pay-ins and payouts to support businesses in offering improved checkout experiences and account-funding journeys. Plaid mentioned that Pay by Bank is not a niche option anymore, as adoption, especially from younger customers who seek instant, low-friction, and secure payment methods, is increasing fast. To meet demand, businesses need to leverage a real-time payment infrastructure, and the partnership between Plaid and ClearBank aims to offer this as the bank’s technology supports Plaid in delivering instant, secure, and cost-effective bank payments, so companies can cater to their customers’ needs.
For more information about Plaid, please check out their detailed profile in our dedicated, industry-specific Company Database.
