3S Money partners with ClearBank to boost international trade

Tuesday 15 February 2022 13:24 CET | News

UK-based bank challenger 3S Money has partnered with ClearBank, the cloud-based clearing bank, to offer multicurrency accounts to its retail and corporate clients.

The partnership will allow 3S Money’s corporate clients to hold multiple currencies in their accounts and make faster, more flexible payments in USD, EUR, GBP, and EEA currencies via ClearBank’s API. This will help them to launch local account capabilities, to scale into new markets, save time and increase their revenue. The partnership will also allow 3S Money’s clients to provide USD transactions, entering the American market.

3S Money and ClearBank are focused on easing the friction for these businesses around enabling cross-border payments, which typically include high costs, low speed, limited access, and insufficient transparency. These prohibitive factors have historically made international expansion very difficult for mid-sized businesses, who are expected to operate consistently from one region to another, in line with customer expectations.

Founded in 2018, 3S Money has chosen to work with ClearBank to offer multicurrency payments and FX solutions because of ClearBank’s secure global infrastructure and access to regulated payment rails. ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and technology solutions, ClearBank allows its partners to offer real-time payment and banking services to their customers.

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Keywords: challenger bank, partnership, real-time payments, cross-border payments
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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