Following this announcement, ClearBank expanded in the European market in order to fulfill client demand for EUR settlement and accounts. The newly established ClearBank Europe N.V. also secured a Credit Institution Licence from the European Central Bank, a process which was under the supervision of De Nederlandsche Bank. This licence is expected to underline the financial institution’s compliance systems, controls, technology resilience, and proven track record as a business.
In addition, ClearBank is set to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries.
ClearBank’s suite of solutions was developed in order to be accessed via a single API, which is underpinned by a scalable flexible, real-time, and secure cloud-native platform. This tool was purpose-built from the beginning, which is set to allow for more safe and cost-efficient transactions, while also being free of legacy issues with traditional banking infrastructure. In addition, it also operates an optimised business model, where client's funds are held at the central bank in order to provide the process with improved security.
The new banking licence is expected to allow ClearBank to meet the demand of clients to provide EUR accounts and payments in addition to Sterling. This is set to include virtual accounts, operating accounts, as well as access to major European payment rails including SEPA Credit Transfer, SEPA Instant Credit Transfer, and TARGET2 (T2). ClearBank Europe N.V. will also provide multi-currency and FX tools to its European users, as well as optimised ClearBank UK’s FX capabilities. The financial institution will soon begin to roll out embedded banking products to European clients as well, with protected bank accounts and funds held under the Deposit Guarantee Scheme.
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