UK-based Recognise Bank, part of the City of London Group, has selected banking-as-a-service (BaaS) provider ClearBank to improve its SME and retail banking operations.
Serving as the clearing bank of Recognise Bank, ClearBank will offer key account infrastructure as well as access to the UK’s payment schemes. These include services such as Confirmation of Payee (CoP).
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Recognise Bank is an SME lender offering retail deposit services. It uses ClearBank’s APIs to offer these regulated services.
CoP, ClearBank said, will boost customer experience and build trust
Recognise Bank CEO Jason Oakley said: “Alongside offering compelling rates to savings customers, our mission is to support SMEs – the backbone of our economy – and to make their banking experience better and easier to navigate.
“Our partnership with ClearBank allows us to provide both our personal savings customers and our SME customers with the ‘always on’ product and services they deserve.”
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By GlobalDataClearBank CEO Charles McManus said: “Recognise Bank is built differently. It is focused on supporting UK SMEs with a range of specialised financial products designed to address their specific needs, as well as helping savers enjoy compelling rates, flexible products and the peace of mind that their money is always safe.
“Our next-generation banking technology has played a key role in creating this compelling offering. In particular, it’s fantastic to see our CoP offering in action, doing exactly what it was supposed to do – dramatically reduce the risk of fraud for customers and give them peace of mind.”
Recently, British savings and investment platform Chip turned to ClearBank to add Financial Services Compensation Scheme (FSCS) protection to its savings accounts.
