ClearBank offers multi-currency accounts through JP Morgan API
UK-based clearing bank ClearBank claims to have become the first of its kind to offer multi-currency bank accounts.
The bank plans to offer more than 30 multi-currency accounts via an API connection to major US bank JP Morgan.
JP Morgan acts as the cash management provider to ClearBank. The UK bank will continue to hold client funds, while JP Morgan provides access to “multiple currencies, pricing, and execution”.
The US bank will also provide foreign exchange liquidity to ClearBank.
Simon Jones, chief customer officer at ClearBank, says there have previously only been two options for firms looking to hold multiple currencies.
He says the first was to obtain multi-currency capabilities through an electronic money institution but “miss out on the functionality of a fully-fledged bank account”.
The second, he adds, was to work with an established correspondent bank that “isn’t API-fluent” and “lose time-to-market through arduous onboarding processes”.
Jones believes that ClearBank is offering the best of both worlds through its tie-up with JP Morgan.
Jon Lloyd, head of financial institution group sales for Europe at JP Morgan, says APIs are “increasingly important”.
He adds: “APIs enable us to bring services to customers in a faster, more customised way and ClearBank’s approach is indicative of the way in which the market is moving.”
Clearbank hired a new chief financial officer (CFO) and chief information officer (CIO) earlier this year. James Hopkinson joined the firm from Standard Chartered to pick up the CFO spot, while Stuart Morely stepped in as new CIO from Eight Roads.
A handful of banks have gone live on ClearBank tech this year. Viva Wallet selected it as a UK banking provider in July. Credit unions Hoot and Lanarkshire Credit Union went live on ClearBank payment technology in June.