Volopa & ClearBank ink ‘significant’ deal amid licence application

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Volopa, the transaction, payments and expenses company, has partnered with ClearBank, allowing the former to significantly expand its offerings. 

Through the partnership, ClearBank will support Volopa with its current and future banking requirements, allowing it to provide its clients with enhanced banking services and expand its product range.

ClearBank, a purpose-built, technology-enabled clearing and embedded banking platform, allows clients like Volopa to offer real-time payment and innovative banking services to their customers.

John Salter, Chief Customer Officer at ClearBank, commented: “We are delighted to be partnering with Volopa, enabling them to further expand their services to clients. Our cutting-edge technology will empower them to provide seamless access to UK payment rails, along with accounts and virtual account solutions. 

“This collaboration not only bolsters Volopa’s current banking services but also paves the way for future product expansions. We look forward to further deepening our relationship as Volopa continues to grow its client offering.”

The agreement will also be used as part of Volopa’s application for an e-money licence, which the firm expects to be granted later this year by the Financial Conduct Authority.

Once the application is approved, ClearBank will continue to offer its services, enabling Volopa’s customers access to UK payment rails so they can transfer funds to individuals, businesses, or other financial institutions.

Additionally, its customers will be able to open safeguarded bank accounts and virtual accounts, offering its growing client base multicurrency; cross-border payments and FX solutions.

Ali Albajati, Head of Product at Volopa, said: “Our partnership with ClearBank will be a game changer in terms of the products and services we can offer our clients. At Volopa, we aim to create innovative and bespoke solutions that directly meet the real world needs of our SME clients.”

This partnership comes after the firm joined forces with Yapily to harness Open Banking, which allowed CFO’s, FD’s and Treasurers to “effortlessly” load company wallets and fund international payments without having to leave the Volopa platform. 

“We respond quickly to user feedback, to deliver a constantly evolving, platform based, group of products and services, supported by exceptional levels of customer service.  Our clients like what we provide and tell us they want to do more with us, especially as global economic and supply chain challenges accelerate the need for digital solutions in UK businesses,” Albajati concluded.

“The range of products and services that the partnership with ClearBank will enable us to provide will mean we can deepen and grow our relationships with our clients, as well as attract new ones.”