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New UK clearing bank for banks: Clear Bank® with single API to all clearings

ClearBank® will be the UK’s first clearing bank in more than 250 years. They plan to create a new level of open competition and transparency within the UK market using state-of-the-art technology to transform the clearing bank experience, making payments faster, cheaper and more efficient for everyone. It opens for business in 3Q 2017 and will be the first cloud-based clearing service in the UK. Clear Bank will only provide clearing and financial infrastructure services which will include direct access to all clearing systems:

Source & Copyright©2017 - Clear Bank®

Crucially, all client balances will held at the Bank of England “rather than getting lost in our balance sheet”. See Welcome to Clear Bank® video here.

The Technology

Clear Bank’s technology is built on Microsoft Azure using a hybrid clould environment in which no client connects directly with their private cloud, for full details watch video here. This enables Clear Bank to offer a simple API plugin developed in accordance with ISO 20022 to support easier connection to any third party to access to all the UK clearing systems. 

The full range of their services includes:

  • Agency banking services
  • Transaction banking
  • Card issuing platform
  • Liquidity management 
  • Identity and fraud prevention services.

Users

Clear Bank say that not only fintechs, and small banks and building societies are in discussion with them, but also some of the largest clearing banks whose aging systems cannot handle the volumes and demands of today. Indeed, they are claiming that double digit % share of the UK clearing market already.


CTMfile take: This is definitely a revolution in clearing systems and services. Many fintechs and banks - small and large - will be visiting the “Engaging with ClearBank®” page.


This item appears in the following sections:
Electronic Banking Connectivity
Cash & Liquidity Management in Europe
Billing Systems & e-Invoicing
Direct Debit Bill Payments
International Bill Payments
Accounts Payable Management
International Payments
Urgent/Instant mPayments

Also see

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