ClearBank Introduces Multi-Currency Bank Accounts

Cloud-based clearing bank ClearBank has begun offering multi-currency bank accounts using an API, according to a press release.

Beginning in the fourth quarter this year, the bank will allow users to access over 30 multi-currency accounts. Customers will be able to move funds “seamlessly” according to the release, and the foreign exchange pricing will be based on interbank rates.

The bank says customers will be able to utilize “increased liquidity, improved visibility into cash flows, and greater control as the need to transfer funds to third party accounts is removed.”

J.P. Morgan will provide cash management services to ClearBank, using an API to give customers multiple currencies, pricing and execution, alongside FX liquidity that will give access to multiple currencies. ClearBank will remain in charge of the clients’ funds.

ClearBank Chief Customer Officer Simon Jones said the new integrations will make things easier for customers.

“Before, there were only two options for firms looking to help their customers hold and move multiple currencies,” he said, according to the release. “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.”

J.P. Morgan Head of FIG Sales Europe Jon Lloyd said the API was quickly becoming a way to move money faster for customers.

ClearBank recently also partnered with Oxbury Bank, which is working to bring financial services to the agriculture sector with its flagship product, Oxbury Farm Credit. ClearBank’s capabilities make it doable for Oxbury Bank to loop into U.K.-based payment schemes such as Faster Payments. According to Coates, Oxbury’s platform works as both a banking platform and an invoice management portal. The support of Faster Payments also makes it easier to accelerate cash flows to vendors that have usually had to wait longer.