Payset prespective
July 11, 2024

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

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!

More on Payset.

More on ClearBank.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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For the past year, we have worked hand in hand with Payset Limited to assist us with numerous payments related services. At no one time have they failed me, and they have always been on time, making them one of our top reliable business partners.

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