By John Reynolds on Thursday 17 September 2020
The clearing bank says its customers will benefit from “increased liquidity” and “improved visibility”.
ClearBank, the UK's first new clearing bank in some 250 years, is to offer multi-currency bank accounts via Application Programming Interface (API) linked to JP Morgan.
Later this year, ClearBank will offer more than 30 multi-currency bank accounts, so its customers can shift funds between accounts with real-time foreign exchange pricing.
ClearBank says it is the first clearing bank, which offers clearing services to other banks to offer the service via API, which means customers can view all of their bank account information in one place.
ClearBank said it customers will benefit from “increased liquidity, improved visibility into cash flows, and greater control as the need to transfer funds to third party accounts is removed”.
As cash management provider to ClearBank, JP Morgan will provide access to multiple currencies and pricing all via API.
Simon Jones, chief customer officer, ClearBank said, “Before, there were only two options for firms looking to help their customers hold and move multiple currencies.”
“One, obtain multi-currency capabilities through an electronic money institution but miss out on the functionality of a fully-fledged bank account, or two, work with an established correspondent bank that isn’t API-fluent and lose time-to-market through arduous onboarding processes.”
“With JP Morgan’s deep local currency market experience and ClearBank’s API-enabled products and services, this represents the best of both worlds.”
Jon Lloyd, head of FIG Sales Europe, at JP Morgan said, “APIs are becoming increasingly important to how we create a better customer experience."
"APIs enable us to bring services to customers in a faster, more customized way and ClearBank’s approach is indicative of the way in which the market is moving.”