Tide reported that through its support, ClearBank has applied for a grant from Pool A of the Capability and Innovation Fund that forms part of the GBP 775 million RBS Alternative Remedies Package, a government-backed competition.
The bid also blends ClearBank’s payments infrastructure and Tide’s digital banking platform with the aim of offering aan alternative to larger banks. If the bid is successful, the funds will be used to tackle barriers to change identified by the Competition and Markets Authority (CMA) in a 2016 report, which are the following:
Real and perceived difficulties for SMEs to open a new business current account (BCA)
A lack of compelling attractors to incentivize small businesses to switch
Low awareness of alternative offerings to the high street banks.
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