11th November 2021, London, England: ClearBank, the cloud-based clearing bank, has announced its partnership with Recognise Bank, a subsidiary of City of London Group plc (AIM: CIN) and the UK’s newest SME bank with retail deposit taking capability.
The partnership sees ClearBank becoming Recognise Bank’s clearing bank, providing key account infrastructure and access to the UK’s payment schemes, including vital services, such as Confirmation of Payee (CoP) for Recognise’s newly launched savings account offering.
Recognise Bank is the latest client to use ClearBank’s CoP offering. The addition of CoP is paramount to Recognise Bank’s savings account proposition, as it enhances customer experience and promotes trust between the bank and its customers. ClearBank’s flexible API-driven platform allows Recognise Bank to offer these regulated services quickly and securely.
“Recognise Bank is built differently. It is focused on supporting UK SMEs with a range of specialised financial products designed to address their specific needs, as well as help savers enjoy compelling rates, flexible products and the peace of mind that their money is always safe.” said Charles McManus, CEO at ClearBank. “Our next generation banking technology has played a key role in creating this compelling offering. In particular, 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. We look forward to continuing to work with Recognise Bank over the coming months and years to further enhance its banking offering.”
“Alongside offering compelling rates to savings customers, our mission is to support SMEs – the backbone of our economy – and to make their banking experience better and easier to navigate,” said Jason Oakley, CEO at Recognise Bank. “Our partnership with ClearBank allows us to provide both our personal savings customers and our SME customers with the ‘always on’ product and services they deserve.”
ClearBank is a purpose-built, technology-enabled clearing bank, serving partners including Nationwide, Tide, OakNorth, DWP, PayPoint and Dozens. At its launch, ClearBank was the UK’s first new clearing bank for 250 years. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.
ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).
About Recognise Bank Limited
Recognise Bank was formed to provide financial services to the UK SME sector and the retail and business deposits market. It will target an underserved but growing business customer market offering a relationship-led, digitally enabled proposition.
The bank’s efficient technology-driven operating base partners with leading fintech platforms to create a market leading SME service using the best-in-class technology. It aims to provide £1.3 billion in lending to more than 5,000 SME borrowers and support more than 50,000 business and personal savers over the next five years.
Recognise has a strong independent Board and executive team to support an ambitious executive team with over 200 years’ experience of building SME banking portfolios. Recognise is a subsidiary of the City of London Group, which is an AIM Listed Company (AIM: CIN) involved in the provision of financial services.
For ClearBank: CCgroup
Holly Ingram/Wilfred Collins