ClearBank and Plaid have collaborated to enhance the Pay by Bank experience for businesses and consumers in the UK, focusing on speed, security, and convenience.

Both companies are dedicated to providing superior solutions that meet their clients’ needs while adhering to industry regulations. Their partnership aims to revolutionize financial services through transparency, robust security measures, and ongoing innovation.

Promoting Faster and More Secure Payments

For individual users, ClearBank’s compliant infrastructure ensures faster and more reliable bank payments, facilitating smoother transfers between accounts or payouts.

In the business domain, the alliance streamlines payment processes by offering direct access to the UK Faster Payments Service (FPS) and ClearBank’s virtual accounts. This simplifies matching incoming payments with specific users or transactions, enhancing reconciliation efforts.

Furthermore, ClearBank’s infrastructure supports Plaid in enabling fast and secure bank payments, catering to businesses that require instant payment solutions for better customer experiences and account funding journeys.

The increasing adoption of Pay by Bank methods, especially among younger customers who value quick, low-friction, and secure transactions, underscores the need for real-time payment infrastructures. ClearBank and Plaid’s partnership is positioned to meet this growing demand, ensuring that businesses can effectively serve their customer needs with instant, secure, and cost-effective bank payments.