ClearBank has announced it has expanded into Europe, working to fulfil client demand for Euro settlement and accounts.
The newly established ClearBank Europe. secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank. The licence underlines the bank’s compliance systems, robust controls, technology resilience and proven track record as a business.
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By GlobalDataExpansion to Europe marks the first step in ClearBank’s international growth plans, with the company now competing on a regional level.
Charles McManus, CEO at ClearBank, said: “We’re thrilled to be open for business in Europe, and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next. ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model. We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”
The new banking licence allows ClearBank to meet that demand by providing Euro accounts and payments in addition to Sterling
ClearBank’s services are accessed via a single API, underpinned by a scalable and flexible, real-time cloud-native platform. The platform was purpose-built from scratch, allowing for more efficient and cost-effective transactions, as well as being free of legacy issues associated with traditional banking infrastructure. It also operates a unique business model, where client funds are held at the central bank for maximum security.
This combination of fully licenced banking services, next-generation technology platform and business model is in demand by both new and existing clients.
Rintse Zijlstra, who has been appointed CEO at ClearBank Europe to spearhead the continental expansion, commented: “With changing regulations impacting banks and payment providers across Europe – many of which will require major overhauls of technology infrastructure – we are best-placed to help our clients deliver compliant, next-generation banking and payments services. ClearBank was purpose-built to enable the banking services of tomorrow and our expansion will see us support new and existing clients in their European growth.”
