Tribe, ClearBank partner to bolster banking access for FinTech companies

Tribe Payments has teamed with ClearBank to leverage the latter’s banking-as-a-service platform to help provide Tribe’s customers with improved access to payment schemes.

Founded in 2018, Tribe is a payments technology firm that provides ‘end to end’​ services in the payments space. ClearBank is a clearing bank that offers banking services to financial service providers, businesses and FinTech firms.

According to Tribe, the partnership will strengthen Tribe’s Bank Connect solution by enabling its FinTech clients to quickly and easily integrate Faster Payments, BACS, CHAPS and Direct Debit payment to bolster the functionality of their offerings.

Faster Payments supports instant payments for transactions up to £250,000 and allows customers to make and receive payments within minutes. CHAPS provides users with bank-to-bank and settlement risk-free payments capabilities with same day payment guarantee, and BACS and Direct Debit enable issuers to initiate salary payments via BACS on behalf of its customers, and notifies customers a day in advance of payment being taken.

Tribe added that the integration with enable end-users to instantly make and receive funds from their account as well as initiate salary payments via BACs and set up Direct Debits.

Tribe CCO Alex Reddish said, “FinTechs need access to banking systems to create more powerful convenience-driven customer propositions. Bank Connect helps to standardise access to these banking systems, cutting out complexity and unnecessary third-parties.

“Thanks to our collaboration with ClearBank, we can add vital payment functionality through a single API integration, giving firms the ability to provide their customers with choice, plus the chance to expand their reach, and reduce cost.”

ClearBank CCO Simon Jones added, “ClearBank is dedicated to helping fintechs gain simple, secure and compliant access to banking systems and rails. These systems and rails were once the preserve of the few, but our partnership with Tribe means that more service providers can now utilise the payments schemes they need to drive innovation and competition in the market.

“Through technology partnerships like this, we are transforming the way financial products are built and delivered for the better.”

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