ClearBank partners SME bank Recognise to provide Confirmation of Payee
Clearing bank ClearBank has partnered with small business bank Recognise to provide key anti-fraud account infrastructure.
ClearBank CEO, Charles McManus
Recognise Bank, a subsidiary of City of London Group, will now have confirmation of payee (CoP) for its new savings account offering.
ClearBank says its flexible API-driven platform allows Recognise Bank to offer these regulated services securely and at speed.
The addition of CoP will enhance the trust of customers when depositing their money into Recognise’s savings account.
ClearBank CEO, Charles McManus, says: “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.”
McManus’ firm offers a range of services to shore up security for fintechs and neobanks, helping to ensure a level of trust between customers and the financial institutions.
In October, UK-based digital savings account provider Chip selected ClearBank’s Banking-as-a-Service (BaaS) solution to enhance its savings and investments platform.
ClearBank’s BaaS offering will provide Chip’s savings accounts with Financial Services Compensation Scheme (FSCS) protection on deposits up to £85,000.
In September, the UK’s Department for Work and Pensions (DWP) teamed up with voucher platform i-movo and clearing bank ClearBank to digitise benefit payments.
The new deal creates a system called Payment Exceptions Services (PES), which aims to make benefits payments quicker and safer.
