ClearBank, the enabler of real-time clearing and embedded banking, and Visa, a world leader in digital payments, have announced their intention to collaborate for Issuance and Money Movement solutions, enabling clients to process both local and cross-border transactions.
By utilising ClearBank’s cloud-native banking infrastructure, Visa could soon benefit from its real-time payment processing, enhanced transaction visibility and a streamlined reconciliation process when processing transactions in the UK and Europe.
The announcement follows ClearBank’s recent expansion into Europe, having secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank. This means the company can now bring its proven, successful business model to Europe, providing clearing and embedded banking services across the region.
Beyond the initial service rollout, the partnership also has plans to launch Visa Direct, the money movement solution that includes real-time cross-border payments to cards, accounts and wallets in over 190 countries, in-country local collections and multi-currency money management.
Furthermore, ClearBank is looking to issue Visa cards to customers in the UK, expanding its existing offering.
“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, Chief Executive Officer, ClearBank UK.