Embedded banking firm ClearBank has partnered with Visa to collaborate on the latter’s issuance of money movement solutions for clients to process both local and cross-border transactions.
Visa will also be able to access ClearBank’s real-time payment processing to enhance transaction visibility across the UK and Europe whilst ensuring a smooth reconciliation process.
Emma Hagan, CEO of ClearBank UK, said: “ClearBank and Visa have a shared vision to drive innovation in the industry and deliver greater value for our customers, so this partnership is a natural fit.
“Today’s announcement is only the beginning of our multifaceted collaboration, and we’re excited to see how we can continue to provide our mutual customers with the right technology to innovate and empower them to build new propositions. We’re delighted to have Visa onboard as we continue this journey.”
The collaboration with Visa follows what has been a successful past several months for ClearBank after securing a Credit Institution licence from the European Central Bank.
Under the provision of the De Nederlandsche Bank, ClearBank is able to provide its clearing and embedded banking services across Europe with a view to grow its presence in multiple markets over the coming years.
Within the agreement with Visa, ClearBank will also look to launch the global payment leader’s money movement solution, Visa Direct. This solution will help ClearBank provide cross-border payment to card accounts and wallets in more than 190 countries.
Furthermore, ClearBank is looking to issue Visa cards to customers in the UK, expanding its existing offering.
Mandy Lamb, UK and Ireland Managing Director at Visa, added: “ClearBank has seen strong growth in the UK, and we are thrilled about the prospect of collaborating with them across multiple areas including issuing Visa cards and enabling real-time international money movement.
“This is a great example of how we can work with partners to deliver the tools and services they need to help them expand their business.”
