ClearBank has announced it is collaborating with Visa on a set of issuance and money movement solutions which will enable customers to process both local and cross-border payments.

Founded in 2015, ClearBank is a technology-enabled clearing bank which offers real-time payment and banking services.

The organisation said that by using its cloud-native banking infrastructure, Visa could soon use its real-time payment processing and transaction visibility when processing payments in the UK & Europe.

The partnership also has 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, in-country local collections and multi-currency money management.

The move comes after ClearBank secured a Dutch banking licence in August, meaning the company can now provide clearing and embedded banking services across Europe.

The issuance of its banking licence marked the first step in the London-based FinTech’s international growth plans.

“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," said Emma Hagan, chief executive, ClearBank UK. "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."

ClearBank said that as part of the new partnership, it is also looking to issue Visa cards to customers in the UK, expanding its existing offering.

Mandy Lamb, managing director, UK&I, at Visa, added: “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.”

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