Raisin migrates its UK platform to ClearBank
Fintech company Raisin has migrated its UK platform to embedded banking partner ClearBank.
ClearBank will power Raisin UK’s FSCS-protected account offering for customers to manage money that they wish to deposit in savings products offered by Raisin’s partner banks.
The partnership will give Raisin customers access to faster payments and other services via ClearBank’s embedded banking platform, and they will also benefit from Confirmation of Payee checks when transferring funds, providing an additional layer of security.
The two firms say they will also work to improve the functionality of existing products, including responsiveness, reporting and speed of funding of selected savings accounts in a bid to boost operational efficiencies.
Steven Amos, CEO of Raisin UK, says: “As we enter the next phase of the business, continuing to scale the platform through new customers and banking partners, an embedded banking solution was required to help match this scale and speed.”
Raisin provides open banking infrastructure for the global deposit market. It claims to work with more than 400 banks and financial service providers from 30+ countries and boasts more than 750,000 direct customers.