By Liza Tetley on Tuesday 7 June 2022
The cloud-based clearing bank’s infrastructure will power and safeguard Ziglu’s new offering.
UK based banking, exchange, and investment app Ziglu can now offer virtual GBP accounts thanks to technological infrastructure, payment rails and treasury management services supplied by cloud-based clearing bank, ClearBank.
The accounts provide Ziglu customers with access to all UK payments schemes, as well as introducing new operational efficiencies and customer service enhancements, such as resolving missing or pending payment queries “significantly faster” than previously, according to Ziglu.
ClearBank uses API and cloud-based solutions to power Ziglu’s real-time processing and reporting for its GBP virtual accounts, which in turn allow for products to be modified at speed in a live environment.
With the self-proclaimed aim of “challenging the challenger banks at their own game”, Ziglu offers in-app lifestyle management tools and physical debit card to support both fiat and cryptocurrency transactions, FX services, and investments.
Its partnership with ClearBank also serves to safeguard end-customers’ accounts by removing third-party credit risk.
“ClearBank offers us the best of both worlds – all the security of traditional banking, along with the means to quickly adapt and satisfy our digital-native customer base.”
The two firms are exploring a potential further expansion of the partnership to offer FSCS protected accounts to customers. Charles McManus, ClearBank’s CEO confirmed that he looks forward to “expanding the proposition together for a long time to come”.
This news comes shortly after the announcement in April this year that US digital wealth giant Robinhood is to acquire Ziglu, the former’s second attempt at expanding into the UK. Upon regulatory approval, Ziglu will become Robinhood’s FCA regulated arm in the UK.