ClearBank has partnered with FinTech provider payabl to expand UK payment services and enhance security for businesses with embedded finance services.

Through the partnership, payabl will provide businesses with access to all payment schemes, including BACS and CHAPS, in real time.

The move will also strengthen fraud prevention with Confirmation of Payee (CoP) to enable safer payments by verifying recipient account details before funds are transferred.

The companies said that businesses and consumers require instant access to funds and expect payment to be settled fast whilst remaining secure.

The UK’s Faster Payments scheme processed nearly five billion transactions in 2023, with payabl saying this figure will exceed seven billion within a decade.

The company added that instant payments are a “necessity” for modern businesses, as they reduce operational bottlenecks and enhance the customer experience.

“We are pleased to be working alongside payabl. to allow them to power their Business Accounts offering, and we are proud that we can help more companies experience the unique power of the ClearBank platform,” said John Salter, chief customer officer at ClearBank. “We are equally committed to ensuring we are building and evolving services to strengthen the payments industry for the future, and so this is an exciting collaboration.”

Earlier this month, ClearBank announced it had partnered with technology provider Ozone API to accelerate the adoption of Open Banking around the world.

Through the partnership, ClearBank said its customers will be able to use Open Banking APIs that comply with standards and regulations in the UK and the EU.

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