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Payset Partners with ClearBank to Gain Direct Access to the UK Banking Scheme for Local and Cross-Border Payments

News and announcements

Jul 11, 2024

4 min. read

James Irwin

Author

We are thrilled to announce that Payset is now a ClearBank client. This is among the most consequential new partnerships in Payset’s history as ClearBank will give Payset and its clients unprecedented access to the UK payment system for local and cross-border transactions.

Our integration of the ClearBank API into our client app is complete. We will soon be able to issue accounts and facilitate incoming and outgoing transactions.

What ClearBank Partnership Means for Payset and Its Clients

First and foremost, our ClearBank partnership allows Payset to offer improved business and individual accounts to clients in all of our supported jurisdictions.

The benefits for clients are numerous and include:

Payset’s own UK bank account and sort code
Rapid, affordable GBP payments
SWIFT payments in multiple currencies
Instant FX services
Direct Debit

Payset’s Own Sort Code

Via ClearBank’s cloud-based API, Payset gains its own UK bank account and sort code. In other words, Payset client transactions will now be in Payset’s name.

For the Payset client, this means we can settle client transactions directly and any queries or issues will be resolved directly by Payset, rather than a third party. This translates to less friction and faster payment processing and dispute resolution.

Full-Service GBP Payments

As a ClearBank client, Payset is now an indirect participant in the UK payment scheme, allowing us to provide rapid, affordable GBP payments to all clients with unmediated access to the Faster Payments, Bacs, and CHAPS networks.

SWIFT Payments

We can now also offer SWIFT payments to virtually anywhere in the world in multiple currencies, including:

‍

EUR (via the Target 2 network)
USD
GBP
CAD
CHF
PLN
NOK
DKK
SEK
CZK
HUF

Instant FX Services

We will now be offering our instant FX services via ClearBank as well, allowing clients an improved currency exchange service.

Direct Debit

Once the initial integration of the ClearBank API into the Payset app is complete, we will move on to phase two and begin to offer Direct Debit transactions in GBP to pay for goods and services, a major milestone for Payset.

What Is ClearBank and Why Is It Special?

ClearBank (launched in 2017) was the first new, full-service clearing bank to be plugged directly into the UK’s banking and payment infrastructure in over 250 years. It is a purpose-built, technology-enabled clearing bank and through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners, like Payset, to offer real-time payment and innovative banking services to their customers.

ClearBank’s agency banking services connect Payset to UK-based payment networks leveraging their banking licence to offer FSCS protected accounts.

ClearBank is also in the process of acquiring a banking licence in the Netherlands, allowing it to offer payment services in the EU. This service is scheduled to be available to UK clients like Payset in the near future.

Payset’s Managing Director, Perry Asforis said of the partnership:

“Partnering with ClearBank was an obvious choice, as we are aligned in so many ways. We share a vision of how service should be delivered and how we can create innovative solutions that meet the needs of our clients.

The partnership with ClearBank will enable us to provide a range of products and services and to deepen our client relationships, as well as attract new ones.

We are hugely excited by the partnership and look forward to continuing our growth journeys together.”

John Salter, Chief Customer Officer at ClearBank added:

“We’re delighted to welcome Payset to ClearBank. Payset has built an impressive team and a first-class technology stack to support its expansive client list. With Payset’s own bank code, they will be able to offer their clients GBP payments and clearing services as well as instant FX and MCCY payments from ClearBank,” said.

“We aim to support Payset’s expansion into new markets and client verticals as well as growing their EU business.”

The ClearBank Era Begins at Payset

We could not be happier to be on ClearBank’s elite roster of clients. We believe that this partnership will help Payset continue to improve our services for our clients and foster sustainable growth long into the future.

On behalf of the Payset team, welcome to the ClearBank era!

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

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