Moorwand picks ClearBank’s Banking-as-a-Service
The payments firm will use ClearBank’s Banking-as-a-Service (BaaS) offering to access API-based services, including access to real-time payments services across BACS and CHAPS, or Faster Payments.
“We are excited to be able to offer even more value-add services to our issuing portfolio thanks to our partnership with ClearBank,” says Robert Courtneidge, CEO, Moorwand. “They are strides ahead of competitors in the field of ‘Banking as a Service’ and real-time payments capabilities are in demand from our client-base.”
Moorwand says it seeks to develop transparent engagements with programme managers and other key payments industry players to address the confusion around bank identification number (BIN) access and associated payment services.
Charles McManus, CEO of ClearBank, comments: “Moorwand have come to market with a truly innovative and creative business model on BIN sponsorship and a determination to vastly improve the customer experience and ease of use.”
Moorwand is licensed by the UK’s Financial Conduct Authority as a regulated electronic money institution to issue electronic money and provide payment services throughout EEA.
In other news, ClearBank was one of the three lucky institutions to receive a vast amount of money from the RBS Fund.