Real-time clearing and embedded banking provider ClearBank and Airwallex, a financial platform for businesses, have teamed up to give Airwallex access to UK payment schemes.
The collaboration sees Airwallex integrate ClearBank’s agency banking solution to improve its UK offering with virtual business accounts, GBP collections, and Confirmation of Payee functionality.
ClearBank’s cloud-based solution has enabled Airwallex to issue virtual accounts and IBANs under its own brand identity, and gives it access to UK payment schemes including Faster Payments, BACS, and CHAPS.
Both companies share an ambition to employ innovative technology to introduce “streamlined” financial services to more customers in new markets.
Vivien Cheung, head of financial partnerships, EMEA at Airwallex, said: “Our priority is to provide businesses with fast, flexible and seamless financial services.
“ClearBank’s agency banking solution aligns perfectly with our vision, allowing us to enhance our product offering in the UK while maintaining our brand identity.”
Cheung added: “The team’s deep understanding of our business needs and their speed of execution have been invaluable throughout the partnership development and integration process.”
Australia-based Airwallex offers solutions that enable businesses to manage payments, treasury, spend management and embedded finance.
John Salter, ClearBank’s chief customer officer, said: “We’re proud to partner with Airwallex as the business enters its next phase of growth. Our unique combination of innovation and security was essential in supporting the premium customer experience that Airwallex is looking to provide.
“We look forward to deepening our relationship with Airwallex as we explore further opportunities for collaboration.”
ClearBank secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank.
