ClearBank, the enabler of real-time clearing and embedded banking, today announces its partnership with Finseta plc (AIM: FIN), a foreign exchange and payments solutions company, to deliver agency banking services supporting GBP and multi-currency (MCCY) accounts.
About the Partnership
Under this partnership, Finseta will leverage ClearBank’s virtual IBAN technology to provide both GBP and MCCY wallets for its UK customers, allowing Finseta’s customers to move money faster and more efficiently. ClearBank’s secure, real-time payment infrastructure will support individuals and merchants with complex international payment and FX requirements, as well as allowing them to access additional currencies.
This partnership marks an important milestone for both organisations. For Finseta, it strengthens its ability to unlock new segments and support clients in high-value international transactions and complex FX scenarios. For ClearBank, it represents another step in expanding its support for fintechs operating in the international payments ecosystem and its ability to facilitate real-time foreign currency payments.
How the Solutions Collaborate
Following initial discussions at the start of the year, ClearBank’s innovative API technology and collaborative approach allowed Finseta to move from approval in September to full deployment in just a few months. Finseta’s technical team quickly integrated into ClearBank’s GBP and MCCY APIs, connecting its customers into ClearBank’s real-time rails and enabling them to make transactions immediately upon approval.
The collaboration will initially serve Finseta’s UK customers, with plans underway to extend the partnership into Europe. Through the partnership, Finseta hopes to access the SEPA payments rails to expand its operations on the continent and broaden its offering.
John Salter, Chief Customer Officer at ClearBank, said: “Finseta’s speed in integrating into ClearBank’s API and bringing accounts to market demonstrates how our technology-first approach enables our partners to act quickly to serve their customers. These accounts will help Finseta to deliver faster, more efficient payments solutions for larger-scale or complex transactions. It demonstrates ClearBank’s position as a partner of choice for the most exciting fintechs in the UK and Europe, and we look forward to working together to explore new opportunities for growth.”
Birinder Lally, Head of Alternative Banking at Finseta, said: “By integrating directly with ClearBank’s API and leveraging their multi-currency capabilities, we can provide faster and more flexible solutions to our clients operating across borders. The partnership will help us to support customers in managing their payments and FX exposure with greater control and efficiency, unlocking new areas for growth as we expand into higher-value transactions.”
About Finseta
Finseta plc (AIM: FIN) is a foreign exchange and payments company offering multi-currency accounts and payment solutions to businesses and individuals. Headquartered in the City of London, Finseta combines a proprietary technology platform with a high level of personalised service to support clients with payments in over 165 countries in 140 currencies. With a track record of over 12 years, Finseta has the expertise, experience and expanding global partner network to be able to execute complex cross-border payments. It is fully regulated, through its wholly-owned subsidiaries, by the Financial Conduct Authority as an Electronic Money Institution and by the Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business.
About ClearBank
ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers. ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). ClearBank Europe N.V. is authorised by the European Central Bank (ECB) and supervised by De Nederlandsche Bank (DNB).
