UK challenger Alba Bank has partnered with ClearBank to manage payments for its customers.
The Glasgow-headquartered bank said that it is using ClearBank and Mambu’s partnership to offer near real-time payments to its customers.
Through the new partnership Alba will be able to connect with multiple payment schemes, including Bacs, CHAPS and Faster Payments.
Founded by Scottish entrepreneur, Jim McColl in 2018, with its headquarters in Glasgow, Alba Bank was established to provide commercial finance to UK SMEs which remain underserved by the mainstream banks.
The bank says it is developing a network of regional commercial finance experts with the experience to work alongside SMEs as they grow.
“Building our bank with industry-leading partners is the best way for Alba to scale quickly, in the knowledge that we’re being supported by the very best in the business,” said Sandeep Kadam, chief technology officer, Alba Bank. “ClearBank has established a superb reputation among financial institutions and will provide us with the speed, agility and security that we need to help our SME customers grow and prosper.”
Alba was earlier this year granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the FCA. It said it move has enabled it to move into mobilisation, with the organisation currently focusing on "building out its team, operations and infrastructure".
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