Embedded banking firm ClearBank has announced its European expansion after securing a Credit Institution licence from the European Central Bank under the supervision of De Nederlandsche Bank.
The Dutch central bank clearance of this licence now enables ClearBank to create its European entity ClearBank Europe N.V., which will preside over its multi-currency and FX services across the continent.
ClearBank Europe N.V. will also begin to roll out embedded banking services to European clients under protected bank accounts and funds held under the Deposit Guarantee Scheme.
The UK bank credits its “leading compliance systems, robust controls, technology resilience, and proven track record as a business”, for its EU licence clearance and will work to meet clients demand for Euro settlements and accounts.
Charles McManus, CEO at ClearBank, stated: “We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next.
“ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model. We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”
Unlike other European legacy system providers, ClearBank’s services are accessed via a single API, via a scalable and flexible, real-time cloud-native platform.
The platform enables more efficient and cost-effective transactions, as well as being free of legacy issues associated with traditional banking infrastructure. It also allows client funds to be held at the central bank for maximum security.
The new banking licence allows ClearBank to meet that demand by providing Euro accounts and payments, in addition to Sterling. This includes operating accounts, virtual accounts, and access to major European payment rails including SEPA Credit Transfer, SEPA Instant Credit Transfer and TARGET2 (T2).
Rintse Zijlstra, who has been appointed CEO at ClearBank Europe to spearhead the continental expansion, said: “With changing regulations impacting banks and payment providers across Europe – many of which will require major overhauls of technology infrastructure – we are best-placed to help our clients deliver compliant, next-generation banking and payments services.
“ClearBank was purpose-built to enable the banking services of tomorrow and our expansion will see us support new and existing clients in their European growth.”
