Fintech provider Algbra taps into partnership with ClearBank to deliver cutting-edge banking and payment options.
ClearBank, a leading UK-based challenger bank, has announced its first channel partnership with Algbra, a leading ethical FinTech provider. This partnership will enable Algbra to offer ClearBank’s key banking services on its platform, providing customers with innovative payment and banking capabilities.
The partnership will see Algbra offering agency banking, Faster Payments, and virtual account services to its customers.
- Agency banking allows Algbra to act as an intermediary, offering banking services backed by ClearBank’s licence and technology.
- Faster Payments is a UK payment scheme that enables near real-time money transfers.
- Virtual accounts provide customers with digital accounts for streamlined payment processing without the need to open traditional full bank accounts.
This collaboration empowers Algbra's platform users with efficient access to banking services without the need for extensive backend infrastructure development.
Nick Ford, Head of Channels & Alliances at ClearBank, expressed his excitement about the first channel partnership as an expansion of ClearBank's services. He stated, "This partnership marks a significant step in our journey to make world-class financial services accessible to all."
Tom Mason, Chief Business Officer at Algbra Group, considers ClearBank an extension of their team. He stated, "We are thrilled to partner with ClearBank, a like-minded organisation that shares our technology-first approach. This partnership will enable us to offer our clients fully regulated business and customer accounts, and safe, secure real-time payments."
ClearBank's cloud-based systems will allow users to benefit from faster payments and accounts. The new solution will be built into Algbra's existing offer, providing end-to-end service capabilities.
The partnership aims to offer additional banking and payments solutions through a core group of non-competitive partners with complimentary services. This partnership gives Algbra's clients a competitive edge in the UK’s £213.6bn revenue-generating fintech ecosystem.
The first channel partnership is seen as a means to unlock more ways for ClearBank to support non-competitive fintech providers across the UK and Europe. ClearBank and Algbra plan to continue their collaboration to create a combined service for their customers.
[1] ClearBank Partners with Algbra to Enhance Fintech Offerings in the UK Market, Finextra Research, [https://www.finextra.com/pressarticle/92481/clearbank-partners-with-algbra-to-enhance-fintech-offerings-in-the-uk-market]
[2] Algbra, Wikipedia, [https://en.wikipedia.org/wiki/Algbra]
[3] ClearBank, Wikipedia, [https://en.wikipedia.org/wiki/ClearBank]
[4] What is ClearBank? A Guide to the UK's New Challenger Bank, Forbes, [https://www.forbes.com/sites/johnkaske/2021/02/23/what-is-clearbank-a-guide-to-the-uks-new-challenger-bank/?sh=713e4953686c]
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