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ClearBank adds multi-currency bank accounts offering via API

Thursday 17 September 2020 12:58 CET | News

UK-based cloud-based clearing bank ClearBank has incorporated the possibility to offer multi-currency bank accounts through JP Morgan's API.

In Q4 2020, ClearBank will be able to offer more than 30 multi-currency bank accounts, providing customers with the ability to move funds between accounts with real-time foreign exchange pricing based on interbank rates. This functionality means ClearBank customers will benefit from liquidity, visibility into cash flows, and control as the need to transfer funds to third party accounts is removed. 

As cash management provider to ClearBank, JP Morgan will provide access to multiple currencies, pricing, and execution all via an API, while client funds will continue to be held by ClearBank. JP Morgan will also provide FX liquidity to ClearBank, allowing ClearBank’s customers to have access to multiple currencies, according to the official press release.

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Keywords: ClearBank, API, multi-currency bank accounts, bank accounts, cloud-based, clearing bank, funds, real-time foreign exchange, foreign exchange, FX, interbank rates, liquidity, cash flows, fund transfer, third party accounts, JP Morgan, FX liquidity, client funds
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech