ClearBank, which enables real-time payments and embedded banking, has partnered with Visa to enable clients to process domestic and cross-border payments.
As part of the partnership, ClearBank and Visa will work on issuance and funds transfer solutions that will enable users to process both international and domestic transactions. By leveraging ClearBank’s cloud-native banking infrastructure, Visa will benefit from real-time payment processing, increased transaction visibility, and simplified reconciliation procedures when processing payments in the UK and Europe. You can.
The announcement comes on the heels of ClearBank enrolling its first European customers on the T2 payments rail, with the fintech payments bank set to accept OpenPayd, Pay Perform, and Transact Payments. Additionally, ClearBank received a Dutch banking license and expanded its presence in Europe in August 2024. At that time, the newly established ClearBank Europe NV received a credit institution license from the European Central Bank, under the supervision of the Dutch Bank.
Strengthening cross-border trade
In addition to the initial service rollout, the Visa and ClearBank collaboration will offer real-time cross-border payments, in-country local collections, and multi-currency fund management to cards, accounts, and wallets in more than 190 countries. The fintech also aims to issue Visa cards to customers in the UK, further expanding its existing offering.
In commenting on this announcement, ClearBank representatives emphasized that both the company and Visa share a commitment to increasing industry capabilities and delivering value to customers. This news marks the beginning of a multifaceted collaboration, with both organizations aiming to continue to provide mutual users with technology to build further propositions.
Additionally, the partnership with ClearBank follows Visa’s pilot launch of its commercial payments ecosystem, the Visa Commercial Solutions (VCS) Hub. The initiative aimed to provide financial institutions and businesses with access to a variety of commercial payment services, complementary functionality, and integration into several fintech tools.
