In a move that promises to reshape the digital payments landscape, ClearBank, a leading provider of real-time clearing and embedded banking solutions, and Visa, the global leader in digital payments, have announced their intention to collaborate on a range of innovative Issuance and Money Movement solutions. This strategic partnership aims to empower clients with the ability to process both local and cross-border transactions seamlessly, leveraging the strengths of both organizations.

Unlocking the Future of Payments

Harnessing the Power of Cloud-Native Banking

By tapping into ClearBank's cloud-native banking infrastructure, Visa stands to benefit from a host of advantages, including real-time payment processing, enhanced transaction visibility, and a streamlined reconciliation process when handling transactions within the UK and Europe. This integration of cutting-edge technology and industry-leading expertise promises to deliver a more efficient and transparent payment ecosystem for Visa's clients.

Expanding Reach Across Europe

The announcement comes on the heels of ClearBank's recent expansion into Europe, having secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank. This milestone enables the company to bring its proven, successful business model to the European market, providing clearing and embedded banking services across the region. By leveraging this expanded footprint, the partnership between ClearBank and Visa will unlock new opportunities for growth and innovation.

Revolutionizing Cross-Border Payments

Beyond the initial service rollout, the partnership between ClearBank and Visa has ambitious plans to launch Visa Direct, the money movement solution that includes real-time cross-border payments to cards, accounts, and wallets in over 190 countries. This innovative offering will also encompass in-country local collections and multi-currency money management, empowering businesses and individuals to seamlessly navigate the complexities of global transactions.

Expanding the Issuing Horizon

As part of the collaboration, ClearBank is also exploring the opportunity to issue Visa cards to customers in the UK, further expanding its existing product offerings. This move will provide ClearBank's clients with access to Visa's extensive network and suite of payment solutions, enabling them to offer their customers a more comprehensive and integrated financial experience.

A Shared Vision for Innovation

Emma Hagan, Chief Executive Officer of ClearBank UK, expressed her enthusiasm for the partnership, stating, "ClearBank and Visa have a shared vision to drive innovation in the industry and deliver greater value for our customers, so this partnership is a natural fit. Today's announcement is only the beginning of our multi-faceted collaboration, and we're excited to see how we can continue to provide our mutual customers with the right technology to innovate and empower them to build new propositions. We're delighted to have Visa onboard as we continue this journey."Mandy Lamb, Managing Director of UK&I at Visa, echoed these sentiments, adding, "ClearBank has seen strong growth in the UK, and we are thrilled about the prospect of collaborating with them across multiple areas including issuing Visa cards and enabling real-time international money movement. This is a great example of how we can work with partners to deliver the tools and services they need to help them expand their business."The partnership between ClearBank and Visa represents a significant step forward in the evolution of the digital payments landscape. By combining their respective strengths and expertise, the two organizations are poised to redefine the way businesses and individuals manage their financial transactions, both locally and globally.