Raisin partners with ClearBank for embedded banking

Savings and investment fintech Raisin is migrating its platform to ClearBank, its new embedded banking partner.

ClearBank will now provide Raisin customers with Financial Services Compensation Scheme (FSCS) protected accounts and access to payment rails through its platform.

The aim is to enhance customer experience through benefits such as faster payments.

“As we enter the next phase of the business, continuing to scale the platform through new customers and banking partners, an embedded banking solution was required to help match this scale and speed,” Raisin UK CEO Steven Amos said. 

“ClearBank operates the perfect solution to enable us to do this and we are excited about the road ahead.”

Through the partnership, customers will benefit from payee confirmation, which provides an additional layer of security when customers transfer funds, according to Raisin, powered by ClearBank’s cloud-based API.

This will also allow quick fund transfers and account opening and improve existing products.

Both Raisin’s new and current partner banks will reportedly see improvements in the responsiveness, reporting and speed of funding on some savings accounts, boosting operational efficiencies.

“As highly successful businesses like Raisin accelerate their growth, the rapid scaling and increasing complexity of its operations demand a step change in banking partners to help it to reach its full potential,” ClearBank CEO Charles McManus said.

“Our Embedded Banking offering meets these demands, by embedding high-tech banking infrastructure that allows Raisin to improve efficiencies, delight customers and stay ahead of the competition.”