ClearBank, a UK-based enabler of real-time clearing and embedded banking, has entered a partnership with Plaid, a global data network providing analytics and connectivity for financial services.
The collaboration aims to deliver faster, more secure and frictionless Pay by Bank experiences for both businesses and consumers across the UK, according to FF News.
The partnership has been formed to simplify open banking payment flows, improve payment reconciliation, enhance real-time funding experiences and strengthen the security and reliability of bank-to-bank transfers.
ClearBank provides regulated banking infrastructure, direct connectivity to the UK Faster Payments Service (FPS) and cloud-native real-time clearing capabilities. By leveraging ClearBank’s virtual accounts, businesses can match incoming payments to individual customers or transactions, improving reconciliation and reducing manual intervention. ClearBank’s infrastructure also supports faster, more predictable payment experiences for consumers.
Plaid operates an extensive data network that serves as the analytics layer for financial services, enabling connectivity for open banking, payments initiation and financial insights. Through this partnership, Plaid will integrate ClearBank’s infrastructure to offer enhanced pay-ins and payouts, enabling businesses to deliver smoother checkout, account-funding and money-movement experiences.
For businesses, the collaboration promises simpler sending, receiving and reconciliation of open banking payments. For consumers, the companies say it will result in more seamless and secure bank-powered payment journeys, whether funding accounts or moving money between them.
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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