Recognize Bank chooses ClearBank to enhance SME and retail banking experience
November 11, 2021, London, England: ClearBank, the cloud-based clearing bank, announced its partnership with Recognize Bank, a subsidiary of City of London Group plc (AIM: CIN) and the UK’s newest SME bank with deposit capacity of detail.
The partnership sees ClearBank become the clearing bank for Recognize Bank, providing key account infrastructure and access to UK payment systems, including vital services, such as Confirmation of Payee (CoP) for the new offering. of Recognise savings account.
Recognize Bank is the last customer to use ClearBank’s CoP offering. The addition of CoP is central to Recognize Bank’s savings account proposal, as it improves the customer experience and fosters trust between the bank and its customers. ClearBank’s flexible API-driven platform enables Recognize Bank to deliver these regulated services quickly and securely.
âRecognize Bank is built differently. It focuses on supporting UK SMEs with a range of specialist financial products designed to meet their specific needs, as well as helping savers enjoy attractive rates, flexible products and the peace of mind that their money has to offer. is always safe. said Charles McManus, CEO of ClearBank. âOur 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’s supposed to do – drastically reducing the risk of fraud for customers and giving them peace of mind. We look forward to continuing to work with Recognize Bank over the coming months and years to further improve its banking offering. “
âIn addition to offering attractive rates to savings clients, our mission is to support SMEs – the backbone of our economy – and make their banking experience better and easier to navigate,â said Jason Oakley, CEO of Recognize Bank. âOur partnership with ClearBank allows us to provide our personal savings and small business clients with the ‘always on’ products and services they deserve. “
ClearBank is a purpose-built, tech-enabled clearing bank serving partners such as Nationwide, Tide, OakNorth, DWP, PayPoint and Dozens. When launched, ClearBank was the UK’s first new clearing bank in 250 years. Through its banking license and smart and robust technology solutions, ClearBank enables its partners to deliver real-time payment services and innovative banking services to their customers.
ClearBank is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register Number: 754568).
About Recognize Bank Limited
Recognize Bank was established to provide financial services to the UK SME sector and the retail and corporate deposit market. It will target an underserved but growing business client market, offering a relationship-driven and digital proposition.
The bank’s efficient technology-driven operating base partners with leading financial technology platforms to create an industry-leading SME service using best-in-class technology. It aims to provide Â£ 1.3bn in loans to more than 5,000 SME borrowers and to support more than 50,000 businesses and personal savers over the next five years.
Recognize has a strong independent board and management team to support an ambitious management team with over 200 years of experience building banking portfolios for SMEs. Recognize is a subsidiary of the City of London Group, which is an AIM listed company (AIM: CIN) involved in the provision of financial services.
Click here for more information on Recognize: http://www.recognisebank.co.uk/. Follow us on our LinkedIn by clicking here: https://www.linkedin.com/company/35662045.
For ClearBank: CCgroup
Holly Ingram / Wilfred Collins