Clear Bank
Reader Rating22 Votes

Last updated: October, 2020

About ClearBank

ClearBank is a new clearing bank founded by WorldPay founder Neil Ogden. It is the first new clearing bank opened in the UK in 250 years. It is a ‘bank for banks’ and offers no services to the public. Instead, ClearBank focuses on delivering payment processing and banking services to financial companies including banks, building societies, challenger banks and financial start-ups.

ClearBank is only the sixth major clearing bank to exist in the UK (the others being Clydesdale and Yorkshire Bank, HSBC, Barclays, Royal Bank of Scotland and Lloyds). These are the only UK banks that can process payments from all major payment providers, so all companies taking or making payments in the UK must go through one of these six banks.

ClearBank Products and Services

 ClearBank has been built using cutting-edge technology aimed at making its clearing services cheaper and faster than those of its rivals. It can process payments from all the major providers including VISA, Mastercard, BACS, CHAPS, Faster Payments and Swift.

Alongside clearing services ClearBank also offers a means by which credit unions and building societies can offer banking services without spending a huge amount of money on building their own system.

All services can be accessed via a single, simple dashboard.

Security at ClearBank

ClearBank has a strong commitment to customer security and uses several means to ensure user identity can be verified.

On signup, a customer must upload photo ID, which is then matched to a photograph of the customer that they take themselves. ClearBank also uses voice recognition technology when needed, capturing the customer’s voice and comparing it to their known ‘voice signature’.

Palm biometrics is also used to read the palm veins and arteries of users. Palms are unique and so are a great way to authenticate an identity. Power users of ClearBank can use their palm as their second authentication factor if they choose.

ClearBank Bank Contact Details

Floor 29
30 St Mary Axe

Telephone: 0203 111 2370

Email: [email protected]

Clear Bank

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