Clear Bank #
Size: 438 Employees
About Clear Bank #
ClearBank is a clearing and agency banking platform allowing banks and other customers real-time clearance on payment transactions. It is the first clearing bank in the UK to design its entire IT system around cloud technology.
An agency bank is a financial institution that is authorized to act as an agent for another bank or financial institution. This means that the agency bank is able to perform certain functions on behalf of the other bank or financial organization, such as accepting deposits, making loans, and providing other financial services.
Initially incorporated on 17th of August 2015 as CB INFRASTRUCTURE LIMITED, and then renamed into CLEARBANK LIMITED, is playing significant role in UK fintech space. One of the new clearing houses in CHAPS scheme.
CHAPS (Clearing House Automated Payment System) is a same-day electronic payment system used in the United Kingdom to facilitate high-value and time-critical payments. It is operated by the Bank of England and is used by banks and financial institutions to process large-value and time-critical payments. CHAPS is used to transfer funds between banks and other financial institutions, as well as to make payments on behalf of businesses and individuals. The system is available 24 hours a day, 7 days a week, and payments made using CHAPS are typically credited to the recipient’s account on the same day that they are initiated. CHAPS is widely used in the UK financial system and is an important part of the infrastructure that supports the smooth functioning of the economy.
In December 2016 ClearBank gained Banking License in the UK.
Starting from October 2023 it reaches profitability as revenue climbs to over £45m.
ClearBank provides banking services to financial services providers, FCA-regulated businesses and Fintechs. It offers the following benefits to customers:
- A robust and secure API first banking platform
- Sort code issuance and transfer
- Streamlined and cost-effective setup
- Rapid speed to market
- Competitive and simple pricing structure
- Platform enabled product innovation, extended product reach and operational cost reduction
- Banking as a Service (BaaS) and White Label service options
- Fail over technology, minimizing the impact of Payment Scheme failures
- Real-time data and analytics, providing insight into business activity, liquidity and assisting data collection for Regulatory reporting
- Service neutrality
What is Clearbank #
ClearBank is a financial institution that provides a range of services primarily through its API, catering to various financial institutions such as fintechs, crypto platforms, banks, and credit unions. They offer a fully regulated banking infrastructure and real-time clearing access, enabling businesses to grow and stay competitive. Their services include offering fully regulated accounts, processing payments securely and quickly, and providing FSCS protected accounts by leveraging their banking licence. ClearBank’s cloud-based API facilitates the easy management of accounts and real-time payment clearing. Additionally, they emphasize their commitment to supporting customers' growth, understanding the challenges of dealing with legacy systems in the financial sector. ClearBank is fully regulated with a banking licence, ensuring the safety of customers' money with all balances held at the Bank of England
ClearBank Customers #
ClearBank Technology stack #
ClearBank API #
The ClearBank API is a JSON RESTful API which allows you to interact with our Accounts, Clearing, and Embedded Banking products. It provides 2 environments: sandbox and production. For moving into the production FIPS 140-2 compliance is required.
Clear Bank Post Code #