ClearBank, the enabler of real-time clearing and embedded banking, has announced a strategic partnership with Plaid, a data network that provides the analytics layer for financial services, to enhance real-time open banking payments across the UK.
The collaboration has been launched to improve the speed, reliability and security of Pay by Bank experiences for both businesses and consumers.
ClearBank will provide Plaid with virtual accounts and access to the UK Faster Payments Service (FPS). The bank’s virtual accounts will simplify how businesses send, receive and reconcile payments, helping them match transactions more easily to individual users and reducing manual workloads.
Through this integration, Plaid will be able to deliver faster, more reliable pay-ins and payouts. For consumers, the partnership translates into more predictable and secure bank payments, whether for account funding, money movement or receiving disbursements.
ClearBank group chief executive officer Mark Fairless said, “ClearBank and Plaid share a commitment to modernising financial services through transparency, security and innovation. By combining ClearBank’s cloud-native infrastructure with Plaid’s open banking connectivity, we’re unlocking potential for businesses to deliver faster, more reliable and secure payment experiences.”
Plaid head of product, Europe Zak Lambert said, “Pay by Bank is no longer a niche option. Adoption is rising quickly, especially among younger consumers who expect instant, secure, and low-friction ways to pay. To meet that demand, businesses need reliable real-time payment infrastructure. ClearBank’s technology helps Plaid deliver instant, secure, and cost-efficient bank payments so companies can better serve their customers’ needs.”
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