28 June 2017
download the report now

Ogden takes the wraps off ClearBank

28 February 2017  |  7906 views  |  3 Nick Ogden, ClearBank

Worldpay founder Nick Ogden has taken the wraps off ClearBank, the first new UK agency and clearing bank to be created in over 250 years.

At a press conference in London attended by UK Government ministers, Ogden said that ClearBank is regulated and authorised and is on track to open its doors in Autumn 2017 to financial services providers, FCA-regulated businesses and fintech startups that require access to UK payment systems and core banking technology to support current account capabilities. The banking-as-a-service startup will not be open to the public.

Built on a combination of public and private cloud infrastructure using Microsoft Azure, ClearBank will launch with a purpose-built, integrated core banking technology system, and API developed in accordance with ISO 20022 to support easier connections.

The institution has secured an investment of £25 million from PPF Group and CFFI Ventures in addition to investments from the founding management team, which include executive chairman Ogden, CEO Charles McManus, CFO Mark Jenkins, chief risk officer Steve Barry, CTO Andrew Smith and chief governance officer Philip House.

Ogden is touting the benefits of ClearBank's technology platform as a key differentiator for the bank. "ClearBank was built specifically to create competition and aims to change the market dynamics radically," he says. "Figures from the Cruickshank Report indicate that, with the improved efficiency delivered by ClearBank’s built-for-purpose technology, between £2bn and £3bn could be saved from the annual costs that are paid for transactional banking in the UK."

He says ClearBank will spend the next six months stress-testing its proposition with an e-money institution, a challenger bank and a building society onboard.

Comments: (3)

Andy Agnew
Andy Agnew - Smart Traffic City - Edinburgh | 01 March, 2017, 06:34

ClearBank is going to really shake things up by providing modern services in a part of the banking system that has been too slow to change.  It will be an enabler for other fintech innovation as well. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Gerard Hergenroeder
Gerard Hergenroeder - IBM - New York | 01 March, 2017, 14:00

This Fintech may just make it. Unlike so many others they understand the real value is in banking.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Simon Lyons
Simon Lyons - Cashfac PLC - London | 01 March, 2017, 14:11

Its hard to launch a bank, you either pay high rates (Metro) or you end up with people using you as an FSCS retail buffer bank (Starling, Atom) , or businesses that want something different at one phase in their growth. Then they expand, get some leverage and bank with a big boy. Technology sadly is not a differentiator for business banking, it is for retail (Contactless, Applepay, Digital, Apps, Servicing etc). I sincerely hope they make it, however it will have to be funky. If they offered white labelled current accounts with a debit/prepay card that could be offered by third parties they would clear up. Almost banking thats SAAS for B2B2C. I am by the way an ex banker, people are just so cautious with their money.

We are all individuals, well not when we are banking our money we are not.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Starling releases Open API, talks up marketplace model

Starling releases Open API, talks up marketplace model

23 February 2017  |  11544 views  |  0 comments | 20 tweets | 18 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedy

RBS to become fintech fund and high street outlet for challenger banks under HMT remedy

20 February 2017  |  12202 views  |  0 comments | 42 tweets | 34 linkedin
Worldpay founder Ogden enters challenger bank space

Worldpay founder Ogden enters challenger bank space

13 January 2017  |  7332 views  |  1 comments | 4 tweets | 9 linkedin
Fidor Bank and Token sign MoU

Fidor Bank and Token sign MoU

19 December 2016  |  7841 views  |  0 comments | 13 tweets | 20 linkedin
Banking-as-a-service platform IbanFirst raises EUR10 million

Banking-as-a-service platform IbanFirst raises EUR10 million

18 October 2016  |  8755 views  |  0 comments | 11 tweets | 3 linkedin
SolarisBank to develop new banking modules with MasterCard

SolarisBank to develop new banking modules with MasterCard

11 October 2016  |  7353 views  |  0 comments | 17 tweets | 9 linkedin
Sutor Bank woos fintech startups with banking-as-a-service API

Sutor Bank woos fintech startups with banking-as-a-service API

22 March 2016  |  16576 views  |  0 comments | 39 tweets | 24 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit wavestone-advisors.co.ukdownload the report now

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9137 views comments | 19 tweets | 37 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8681 views comments | 10 tweets | 6 linkedin
hands typing furiouslyArtificial Intelligence- Computer to IOT
8496 views 0 | 4 tweets | 2 linkedin
hands typing furiouslyThe EU and blockchain: taking the lead?
7487 views 0 | 8 tweets | 7 linkedin
Asia still top dog for payments innovation but Europe gaining groundAsia still top dog for payments innovation...
7428 views comments | 10 tweets | 9 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job