ClearBank has become the first clearing bank to offer multi-currency bank accounts via API.
In Q4 2020, ClearBank will be able to offer more than 30 multi-currency bank accounts, providing customers with the ability to seamlessly move funds between accounts with real-time foreign exchange pricing based on interbank rates.
This functionality means ClearBank customers will benefit from increased liquidity, improved visibility into cash flows, and greater control as the need to transfer funds to third party accounts is removed.
As cash management provider to ClearBank, J.P. Morgan will provide access to multiple currencies, pricing, and execution all via an API; client funds will continue to be held by ClearBank.
This ensures that customers benefit from ClearBank’s cloud-native and API-first bank accounts, and are connected to a host of treasury, liquidity and safeguarding management services. J.P. Morgan will also provide FX liquidity to ClearBank, allowing ClearBank’s customers to have rapid access to multiple currencies.
“Before, there were only two options for firms looking to help their customers hold and move multiple currencies,” says Simon Jones, Chief Customer Officer, ClearBankk.
“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. With J.P. Morgan’s deep local currency market experience and ClearBank’s API-enabled products and services, this represents the best of both worlds.”
“APIs are becoming increasingly important to how we create a better customer experience,” continues Jon Lloyd, Head of FIG Sales Europe, at J.P. Morgan. “APIs enable us to bring services to customer in a faster, more customised way and ClearBank’s approach is indicative of the way in which the market is moving.”
The post ClearBank offer multi-currency bank accounts via API appeared first on Payments Cards & Mobile.