SettleGo signs for ClearBank’s payment access services
ClearBank has gained SettleGo as a customer for its Banking-as-a-Service offering, reports Martin Whybrow.
SettleGo is an international e-money institution and will use ClearBank to access real-time payments services across the UK’s Chaps and Faster Payments. The service will also facilitate real-time account creation and addressable UK IBANs associated with each account for SettleGo’s customers.
ClearBank offers banks, financial instiitutions and fintechs access to UK payment systems and core banking technology to support current account capabilities. It touts itself as the UK’s first new clearing bank in 250 years.
SettleGo targets small and medium sized businesses with international payment services spanning low-cost foreign exchange facilities, multi-currency IBANs and international and domestic transfers.
The main reason for the selection, cited by SettleGo, is to expand its payments capabilities. Its strapline is: “Faster Access To Your Revenues. Collect. Convert. Settle.”
ClearBank was set up in 2015 and opened for business in autumn 2017, headed by Nick Ogden, founder and former CEO of payments processing heavyweight WorldPay.