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ClearBank becomes first clearing bank to offer multi-currency bank accounts via API

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LONDON, England – 17 September 2020: ClearBank, the cloud-based clearing bank, has become the first clearing bank to offer multi-currency bank accounts via API.

In Q4 2020, ClearBank will be able to offer more than 30 multi-currency bank accounts, providing customers with the ability to seamlessly move funds between accounts with real-time foreign exchange pricing based on interbank rates. This functionality means ClearBank customers will benefit from increased liquidity, improved visibility into cash flows, and greater control as the need to transfer funds to third party accounts is removed.

As cash management provider to ClearBank, J.P. Morgan will provide access to multiple currencies, pricing, and execution all via an API; client funds will continue to be held by ClearBank. This ensures that customers will continue to enjoy the benefits of ClearBank’s cloud-native and API-first bank accounts, and be connected to a host of treasury, liquidity and safeguarding management services. J.P. Morgan will also provide FX liquidity to ClearBank, allowing ClearBank’s customers to have rapid access to multiple currencies.

Simon Jones, Chief Customer Officer, ClearBank said, “Before, there were only two options for firms looking to help their customers hold and move multiple currencies. One, obtain multi-currency capabilities through an electronic money institution but miss out on the functionality of a fully-fledged bank account, or two, work with an established correspondent bank that isn’t API-fluent and lose time-to-market through arduous onboarding processes. With J.P. Morgan’s deep local currency market experience and ClearBank’s API-enabled products and services, this represents the best of both worlds.”

Jon Lloyd, Head of FIG Sales Europe, at J.P. Morgan said, “APIs are becoming increasingly important to how we create a better customer experience. APIs enable us to bring services to customer in a faster, more customized way and ClearBank’s approach is indicative of the way in which the market is moving.”

ClearBank’s state-of-the-art banking platform provides fintechs and regulated financial institutions in the UK and EEA access to a wide-range of API-based banking and real-time payment services.

-ENDS-

About ClearBank
ClearBank is a purpose-built, technology enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.

ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).

Visit www.clear.bank for more information.

About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and securities services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $27 trillion of assets under custody and $607 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.

PR Contacts
For ClearBank:
CCgroup
Joshua Cobb/ Wilfred Collins
ClearBank@ccgrouppr.com

For J.P. Morgan:
Rebecca Hooper
rebecca.hooper@jpmorgan.com
+447807 583 378

Source: RealWire

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