ClearBank has partnered with Algbra to offer its services and technology as part of Algbra Lab’s Fintech-as-a-Service offering.
With the alliance, Algbra will offer ClearBank’s agency banking, virtual account services, and fast payments to its platform customers, enabling them to expand their reach without having to create backend infrastructure. The new solution will be built into Algbra’s existing offer, delivering new service capabilities.
Expanding banking services
The two companies worked closely together to offer a tailored solution that’s integrated into ClearBank’s API platform and leverages the UK’s next-gen payment rails and Open Banking architecture. The service will be immediately available to both financial and non-financial institutions and corporate clients through Algbra, allowing them to use ClearBank’s cloud-based systems and leverage faster payments and accounts.
Through the alliance, the bank aims to select a core group of non-competitive partners with complementary services, through which it can offer additional banking and payments solutions. Following the launch of the solution, the companies plan to continue their collaboration to create a combined service for their customers, with ClearBank increasing assistance for Algbra and offering its support with the sales and marketing of its products on the platform.
ClearBank mentioned that this collaboration is a key step in expanding its presence and offerings, gaining more ways to unlock opportunities for clients. Its values are closely aligned with Algbra’s, especially their shared tech-first approach and desire to offer improved financial services. The bank wishes that this is the first of a long list of channel partnerships that will help it support more non-competitive fintech providers in the UK and Europe.
Algbra mentioned that ClearBank is an extension of its teams, enabling it to offer its B2B and B2C clients an optimised banking experience that includes fully regulated business and customer accounts, and secure real-time payments for a competitive edge in the UK’s fintech ecosystem.
