LONDON, November 6, 2018 /PRNewswire/ --
ClearBank(R) today announces the launch of Dynamic Banking, a range of accounts specifically designed to support the transactional banking services already provided by ClearBank(R).
Since launch in 2018, ClearBank(R) has held hundreds of conversations with regulated firms and the result is ClearBank(R) Dynamic Banking, an innovative range of financial services and interlinked bank accounts designed to support the specific and complex requirements of our regulated business.
Two services are now available with the Dynamic Banking range with further services to follow in early 2019. The services that are available today are the ClearBank(R) fixed deposit account and The ClearBank(R) Segregated Services account. This is a specific deposit account designed for firms where ring-fenced client monies are held under CASS 7 rules.
Over the coming months, further specific products and account services under development will join the ClearBank(R) Dynamic banking range, supporting existing and newly-regulated financial services businesses as we help accelerate the growth of the numerous open banking initiatives in the UK.
ClearBank(R) is the only UK bank that does not compete with its customers. ClearBank(R) has built a unique and highly sophisticated real-time transactional Banking platform, that already services hundreds of millions of pounds of transactions. Operating auto reconciliation and integrated Financial crime tools, ClearBank(R) transactional banking services also support our customers with advanced real-time treasury tools whilst managing cybercrime risks.
Nick Ogden, founder of ClearBank(R) commented "Since its creation ClearBank(R) has focused on the risks to itself and its customers from cybercrime and has jointly developed market leading client cybersecurity systems. These systems are underpinned by Azure and our key relationship with Microsoft and their cybercrime resources in Redmond, which are a key requirement to our rapidly growing multi-billion-pound client transaction flows."
ClearBank(R) transactional banking is accessed via an ISO 20022 API and integration to ClearBank(R) can take just a matter of hours.
All ClearBank(R) customer funds are held securely in our Bank of England accounts, ensuring that our accounts always mirror the guarantee on all UK banknotes. We promise to pay on demand.
ClearBank(R) is the UK's first new clearing bank in more than 250 years. It delivers a new level of open competition and transparency to the UK financial services marketplace.
Only the fifth UK clearing bank today, ClearBank(R) is neutral, independent and is not constrained by legacy infrastructure.
Our state-of-the-art technology transforms the ability for financial services providers, FCA-regulated businesses and Fintechs to access Agency Banking Services and provide Current Accounts to their customers. ClearBank(R) enables faster and more efficient payments, whilst enabling financial inclusion through Open Banking.
The Principal clearing banks move money between different individuals and organisations via UK payment systems such as Bacs, CHAPS and Faster Payments. They are normally the only banks providing agency banking services that have full and direct access to all of the UK payments infrastructure and Bank of England accounts. The majority of banks and financial services providers use agency banking services from a clearing bank to process payments or offer current account and sort code based services.
For further information, please go to: https://Clear.Bank
CONTACT: Please contact the ClearBank press office: firstname.lastname@example.org, +44-203-111-2370