ClearBank has partnered with PingPong to allow the latter to optimise its UK offering through Virtual business accounts, GBP collections, and Confirmation of Payee (CoP) functionality.
As part of this collaboration, PingPong is set to utilise ClearBank’s local agency banking solution to improve its offering in the UK. ClearBank’s cloud-based solution will enable the company to issue virtual accounts and IBANs under its brand identity. Additionally, PingPong will benefit from near real-time access to UK payment schemes, such as Faster Payments, BACS, and CHAPS, advancing its commitment to optimising global commerce by facilitating efficient and secure payment solutions.
Augmenting payments in the UK
The collaboration between ClearBank and PingPong will allow the latter to further expand its operations across Europe by utilising ClearBank’s European banking licence, as both companies seek to provide on their strategic vision of continued international development. Selecting ClearBank underlines the company’s emerging position as a provider for fintechs aiming to improve their local payment capabilities across the UK and Europe. Currently, ClearBank prioritises international markets for its expansion, with the evolving payment ecosystem falling in line with its technology-enabled approach.
Furthermore, PingPong mentioned that with ClearBank’s agency banking solution, it can further augment its comprehensive portfolio of services and capabilities for enterprise businesses. The move equips clients with direct access to FPS, BACS, and CHAPS, mitigating the need for intermediary banks and supporting more efficient and transparent cross-border transactions. Additionally, with this direct access, global enterprise clients can benefit from richer data transmission, optimised system interoperability, and scaled control over transaction flows. As PingPong moves towards expanding its global presence, ClearBank’s infrastructure can act as a gateway into Europe, allowing the company to reproduce these benefits across multiple markets.
In addition to being chosen by PingPong as its provider, ClearBank was also integrated by Orbital to support its Euro-denominated payment infrastructure. The initiative allowed the cross-border payment platform to offer enterprise clients direct access to SEPA Instant Credit Transfers, named IBANs, and real-time EUR clearing, including compliance checks aligned with AML and KYC regulations.
