As part of their collaboration, ClearBank is set to deliver business savings accounts integrated directly into Capital on Tap’s existing user portal. The newly launched business savings accounts are set to be available to new and existing Capital on Tap customers. At the same time, businesses leveraging the accounts can benefit from higher interest rates on their savings and eligible deposits safeguarded by FSCS.
As detailed by the two organisations, customers can open a business savings account through the existing Capital on Tap portal, in turn benefiting from a simplified user experience. Through this, the two organisations aim to facilitate flexibility for depositing funds from a customer’s nominated bank account and earning daily interest, with the confidence that funds can be instantly withdrawn when they need them.
The partnership comes just a month after ClearBank teamed up with Airwallex to improve the latter’s offerings in the UK by integrating the financial institution’s agency banking solution. More specifically, Airwallex was set to gain access to virtual business accounts, GBP collections, and Confirmation of Payee (CoP) functionality. Through these additions, Airwallex was expected to further augment its services for its business customers in the region.
The newly launched solution underlined ClearBank’s approach to embedded banking, allowing small businesses to optimise their financial management safely. Also, the financial institution’s business model ensures that all deposits made in the UK are held with the Bank of England.
Initially, ClearBank and Capital on Tap began discussing the solution in 2023, before agreeing on heads of terms and starting the implementation in April 2024. After the initial beta testing in October 2024, the savings accounts are currently live for Capital on Tap customers, thus making this among the most efficient embedded banking services that ClearBank introduced to the market. Now, the two organisations are in discussions regarding the development of more solutions that would further improve Capital on Tap’s offering for its SME client base.
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