Embedded banking and real-time clearing firm ClearBank is integrating with one-stop payment platform Fondy to bring eCommerce marketplaces a seamless solution to manage and control their money flow. Both companies are based in the United Kingdom.
The new integration gives merchants a streamlined shop payment solution that offers acceptance of payments, access to virtual IBAN accounts, payouts to third parties, and the GBP payments network, including faster payments, CHAPS and Bacs, according to a Thursday (Sept. 22) press release.
“Together with ClearBank, we are stronger and in a better position to instill real, positive change in the way businesses process payments,” said Fondy Founder and CEO Valeria Vahorovska in the release. “This partnership will allow us to take further steps toward integrating a multicurrency solution to our merchants.”
By streamlining cash management and money movement for multiple currencies, Fondy can work with its clients to reach objectives faster, according to the release. Using Fondy Flow IBAN accounts, clients can receive customers’ funds on the same day.
This means faster, more efficient transactions at a greater scale and easier support of new products like multicurrency business accounts, the release stated. Having access to a global payment network in several currencies can help businesses to provide better cash flow from online sales.
“In a constantly evolving regulatory environment, smaller financial services companies can benefit from partner support by larger players in the space that have been around the block once or twice already,” said ClearBank CEO Charles McManus in the release.
The news comes two months after Clearbank partnered with neobank Kroo to provide access to all U.K. payment schemes as well as accounts for its operational funds.
Read more: Kroo and ClearBank to Grow Partnership
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