Real-time clearing and embedded banking company ClearBank has secured a Dutch credit institution licence, allowing it to expand into Europe to address rising client demand for Euro settlement and account services.
The new banking license has been obtained by the newly established ClearBank Europe.
Granted by the European Central Bank, supervised by De Nederlandsche Bank, the licence is said to complement ClearBank’s strong compliance systems, controls, technological resilience, and business track record.
This European expansion represents the initial phase of ClearBank’s international growth strategy, positioning the company to compete regionally, said ClearBank.
Established in 2015, ClearBank offers services through a single application programming interface (API), highlighted by a scalable and flexible, real-time cloud-native platform.
The platform, which was purpose-built from scratch, enables more efficient and cost-effective transactions. It is also free of legacy issues associated with traditional banking infrastructure.
Besides, the platform operates a unique business model where client funds are held at the central bank for maximum security.
The blend of fully licensed banking services, advanced technology, and an innovative business model is increasingly sought after by both new and existing clients, a demand that ClearBank’s new banking license will address by offering Euro accounts and payments alongside Sterling.
It will encompass operating accounts, virtual accounts, and access to key European payment networks, including SEPA Credit Transfer, SEPA Instant Credit Transfer, and TARGET2 (T2).
Furthermore, ClearBank Europe will offer multi-currency and FX services to its European clients and upgrade ClearBank UK’s FX capabilities.
The company also aims to soon begin rolling-out embedded banking services to European clients, with protected bank accounts and funds held under the Deposit Guarantee Scheme.
ClearBank CEO Charles McManus said: “We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next.
“ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model. We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”
