UK challenger 3S Money partners ClearBank to offer multi-currency accounts
UK challenger 3S Money has partnered with ClearBank to offer multi-currency accounts to both its retail and corporate clients.
By utilising ClearBank’s API, 3S Money’s corporate clients will be able to hold currencies including USD, EUR, GBP and EEA in their accounts.
The move will allow business banking customers to benefit from local account capabilities and, thanks to the ability to transact in US dollars, the chance to enter the US market for the first time.
3S Money says it selected ClearBank due to its secure global infrastructure and access to regulated payment rails.
Through its banking licence and technology solutions, ClearBank enables its partners to offer real-time payment and banking services to their customers.
3S Money CEO Ivan Zhiznevskiy says ClearBank offers the requisite capabilities it needs to support its customers’ international growth across 199 countries.
ClearBank and 3S Money say the partnership will support small and medium-sized businesses (SMEs) as they scale across borders by removing many of the headaches associated with cross-border payments.
The partnership aims to boost international trade as the world continues to recover from the Covid-19 pandemic and associated economic shutdowns and supply chain snarl ups.