Investment and savings platform Raisin has migrated its United Kingdom platform to banking infrastructure provider ClearBank.
In this new collaboration, ClearBank will underpin the Financial Services Compensation Scheme (FSCS)-protected account used by Raisin UK customers and will provide access to payment rails through its embedded banking platform, ClearBank said Thursday (Oct. 27) in a press release.
Raisin UK CEO Steven Amos said in the release that the 5-year-old Raisin UK platform has seen “phenomenal growth.”
“As we enter the next phase of the business, continuing to scale the platform through new customers and banking partners, an embedded banking solution was required to help match this scale and speed,” Amos said in the release.
With this solution, customers of Raisin UK will gain an additional layer of security and quicker fund transfer and account opening processes — both of which are enabled by the “confirmation of payee” powered by ClearBank’s cloud-based application programming interface (API), according to the press release.
Partner banks of Raisin will see improvements in responsiveness, reporting and speed of funding of selected savings accounts as Raisin works with ClearBank to optimize its products, the release stated.
“As highly successful businesses like Raisin accelerate their growth, the rapid scaling and increasing complexity of its operations demands a step change in banking partners to help it to reach its full potential,” ClearBank CEO Charles McManus said in the release. “Our embedded banking offering meets these demands, by embedding high-tech banking infrastructure that allows Raisin to improve efficiencies, delight customers and stay ahead of the competition.”
Raisin offers customers in Europe and the United States access to interest-bearing overnight and fixed-term deposits at more than 160 international partner banks and reached the milestone of 25 billion euros (about $25 billion) of assets under management in savings products in June.
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