ClearBank, a leader in real-time clearing and Embedded Banking, has partnered with Visa to enhance local and cross-border payment solutions. This collaboration will enable clients to process both domestic and international transactions seamlessly, leveraging ClearBank’s cloud-based banking infrastructure to provide Visa users with real-time payments, increased transaction transparency, and simplified reconciliation across the UK and Europe.
Expanded Payment Solutions with Visa Direct
In addition to ClearBank’s core capabilities, the partnership will introduce Visa Direct, a comprehensive money movement solution. This feature will support real-time cross-border payments to cards, accounts, and digital wallets in over 190 countries, along with local in-country collections and multi-currency money management options. ClearBank also plans to issue Visa cards in the UK, broadening its service offerings for customers.
ClearBank’s Growth in Europe
ClearBank’s recent European expansion included onboarding its first clients to the T2 payment rail and acquiring a Dutch banking license. This license, issued by the European Central Bank and supervised by De Nederlandsche Bank, officially established ClearBank Europe N.V. in August 2024. Early European clients include OpenPayd, Pay Perform, and Transact Payments, marking a significant step in ClearBank’s strategic growth.
Commitment to Industry Advancement
Representatives from both ClearBank and Visa emphasized their mutual dedication to advancing financial industry capabilities and creating added value for clients. This collaboration is seen as the foundation of a broader, multi-layered partnership that aims to equip users with state-of-the-art tools for building additional financial solutions.
Visa’s collaboration with ClearBank follows the pilot launch of the Visa Commercial Solutions (VCS) Hub, a commercial payment platform offering businesses and financial institutions an integrated suite of services and fintech tools.
This partnership follows ClearBank’s recent move into the European market, a notable milestone for the UK-founded bank. According to Mandy Lamb, Visa’s Managing Director for the UK and Ireland, “ClearBank has seen strong growth in the UK, and we are thrilled about the prospect of collaborating with them across multiple areas including issuing Visa cards and enabling real-time international money movement.”
“ClearBank and Visa have a shared vision to drive innovation in the industry and deliver greater value for our customers, so this partnership is a natural fit. Today’s announcement is only the beginning of our multi-faceted collaboration, and we’re excited to see how we can continue to provide our mutual customers with the right technology to innovate and empower them to build new propositions. We’re delighted to have Visa onboard as we continue this journey,” said Emma Hagan, ClearBank’s UK CEO.
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