ClearBank will underpin the FSCS protected account used by Raisin UK customers for managing money that they wish to deposit in saving products on the platform offered by Raisin’s partner banks. Additionally, they will support its customer experience by offering payments rails’ access, such as faster payments and a variety of other services through means of its embedded banking platform.
ClearBank’s cloud-based API will enable customers to benefit from a ‘Confirmation of Payee’, which offers an additional protection layer when it comes to customers transferring funds into their accounts. This will help expedite the processes of fund transferring and account opening, giving customers the option of starting to earn returns on their savings in a quickened manner, as the funds are transferred to savings accounts on the Raisin UK marketplace that are held by partner banks.
In addition, Raisin will collaborate with ClearBank looking to increase existing products’ functionality, with new and existing partner banks of Raisin believed to see improvements when it comes to the responsiveness, reporting, and speed of funding of selected savings accounts, which will in turn help boost operational efficiency.
When talking about the partnership, Raisin UK representatives have stated in the press release that the implementation of an embedded banking solution was required to help match the scalability of the platform. ClearBank officials added that embedding high-tech banking infrastructure will help improve efficiency and stay ahead of competition.
Raisin provides an Open Banking infrastructure for the USD 50+ trillion global deposit market, benefiting both banks and savers. When it comes to savers, they get a wide choice of products with the ability of moving their money freely, whereas financial service providers get marketplace solutions for their customers, and banks get improved access to deposit funding. The company operated its own B2C marketplaces under the brands Raisin, WeltSparen and ZINSPILOT in Europe, and SaveBetter in the US. In Germany, apart from savings products, the company’s offering includes ETF-based investment and retirement products, as well as Private Equity investments.
Raisin works with more than 400 banks and financial service providers in over 30 countries, having a direct customers number that exceeds 750,000. The company has offices in Berlin, Frankfurt, Hamburg, London, Madrid, Milan, Manchester, New York, and Paris, and is backed by international investors such as btov Ventures, Deutsche Bank, FinLab, and Goldman Sachs.
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