ClearBank, a provider of real-time clearing and embedded banking services, has announced the expansion of its account and payment services to UK corporates, aiming to optimise transaction banking.
While retail banking has adapted to digitalisation, corporate transaction banking has lagged, constrained by legacy and batch-based processes. Accounts and payments are often tied to wider credit products, creating inefficiencies such as manual reconciliation and complex payment tracking. This has driven up costs and error rates for corporates, leaving a clear gap for modern solutions that meet evolving business needs.
Addressing corporate banking challenges
ClearBank is addressing these challenges by focusing on delivering an optimal, dependable, real-time, and API-based access to payments and accounts, rather than loans or other credit services. The bank already serves the UK SME market through its partners, including Capital on Top and Tide, holding billions in deposits and processing millions of payments daily, according to the company.
Within this integration, ClearBank is expanding its services to corporates that rely on a high volume of accurately and optimally processed payments, including sectors such as travel, hospitality, payroll, and technology. These industries will benefit from end-to-end real-time payments and account information, enabling optimal workflows and improved efficiency.
With resilient connectivity to Bacs, CHAPS, and the Faster Payments System (FPS), ClearBank ensures businesses can transfer funds quickly and reliably. Real-time insights also enable corporates to make more informed decisions while modernising their payments infrastructure and internal operations.
By building on top of a regulated bank’s infrastructure, businesses can deliver compliant services and features, such as protection on eligible deposits, without incurring the substantial cost of applying for a banking licence. As a result, the firms can focus on building new capabilities and driving modernisation, rather than managing and administrative costs.
