ClearBank to offer multi-currency bank accounts

ClearBank is set to launch multi-currency bank accounts via Application Programming Interfaces (API) in partnership with JPMorgan.

The cloud-based clearing bank will launch the accounts in the fourth quarter, with more than 30 being made available, giving customers the option to move funds between accounts with real-time foreign exchange pricing based on interbank rates.

As cash management provider to ClearBank, JPMorgan will provide access to multiple currencies, pricing, and execution all via an API. Client funds will continue to be held by ClearBank.

JPMorgan will also provide foreign exchange liquidity to ClearBank, allowing its customers to have rapid access to multiple currencies.

Simon Jones, chief customer officer at ClearBank, said: “Before, there were only two options for firms looking to help their customers hold and move multiple currencies.

"One, obtain multi-currency capabilities through an electronic money institution but miss out on the functionality of a fully-fledged bank account, or two, work with an established correspondent bank that isn’t API-fluent and lose time-to-market through arduous onboarding processes.”

He added: “With JPMorgan’s deep local currency market experience and ClearBank’s API-enabled products and services, this represents the best of both worlds.”

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