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ClearBank partners with Visa for Issuance and Money Movement solutions

Wednesday 30 October 2024 09:14 CET | News

Real-time clearing and Embedded Banking enabler ClearBank has entered into a collaboration with Visa to allow clients to process local and cross-border payments. 

As part of their alliance, ClearBank and Visa intend to work on Issuance and Money Movement solutions, enabling users to process both international and local transactions. By leveraging ClearBank’s cloud-native banking infrastructure, Visa is set to benefit from its real-time payment processing, improved transaction visibility, and a simplified reconciliation procedure when processing payments in the UK and Europe.

ClearBank partners with Visa for Issuance and Money Movement solutions

 

The announcement comes shortly after ClearBank onboarded its first European clients to the T2 payment rail, with the fintech clearing bank planning to welcome OpenPayd, Pay Perform, and Transact Payments. In addition, ClearBank secured a Dutch banking licence and expanded its presence in Europe in August 2024. At that time, the newly established ClearBank Europe N.V. obtained a Credit Institution Licence from the European Central Bank, a process which was supervised by De Nederlandsche Bank.

Augmented cross-border transactions

Besides the initial service rollout, the collaboration between Visa and ClearBank intends to introduce Visa Direct, a money movement solution that includes real-time cross-border payments to cards, accounts, and wallets in more than 190 countries, in-country local collections, and multi-currency money management. Also, the fintech aims to issue Visa cards to customers in the UK, further extending its existing offering.

When commenting on the announcement, representatives from ClearBank underlined both their company and Visa share a commitment to advancing the capabilities of the industry and providing value to customers. The current news represents the beginning of a multi-faceted collaboration, with the two organisations looking to continue to offer mutual users the technology to build additional propositions.

Furthermore, the partnership with ClearBank follows Visa’s pilot launch of its Visa Commercial Solutions (VCS) Hub, a commercial payment ecosystem. The initiative intended to offer financial institutions and businesses access to a range of commercial payment services, complementary capabilities, and integrations into several fintech tools.


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Keywords: partnership, cross-border payments, transactions , real-time payments, fintech
Categories: Banking & Fintech
Companies: ClearBank, Visa
Countries: Europe, United Kingdom
This article is part of category

Banking & Fintech

ClearBank

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Visa

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