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Choice International signs with ClearBank

Source: Choice International

Choice International, which provides specialised physical cash and payment card funds clearing, foreign exchange services and payment solutions to regulated non-banking financial institutions globally (NBFI’s), announces a strategic partnership with ClearBank.

Choice International provides a range of payment-related services to regulated financial institutions, including cash or card payment clearing, international payments and foreign exchange services across 200+ currencies.

In an effort to broaden their correspondent network, Choice International have identified ClearBank as their preferred UK agency banker in support of their Sterling-related business activity.

By leveraging ClearBank’s ‘Banking as a Service’ offering, Choice International and its customers will be able to enjoy a much-improved and truly real-time payments experience across CHAPS, BACS and 24x7x365 Faster Payments.

ClearBank’s state-of-the-art banking platform provides regulated financial institutions in the UK and EEA access to a wide-range of API-based banking and real-time payment services.

Nicholas Bridges, CEO, Choice International, said:

“Choice’s business model is fairly unique, as are the bespoke and leading-edge operational and risk management IT systems created to safely manage our flows, working in an increasingly bank de-risked environment.

We searched for an ideal UK banking partner for over five years, with limited success, one that would understand our business model as well as our needs and one which would provide direct access to vital GBP payment systems. We found ClearBank to be open to Companies with non-traditional, innovative and sometimes complex methodologies, and willing to devote the time and resources necessary to understand these in order to move ahead with on-boarding, integration and deployment.

ClearBank’s “Banking as a Service” is able to seamlessly integrate GBP flows, both inbound and outbound, via UK payment schemes, into our own enterprise IT System, delivering faster crediting times and instant execution of payments, for an overall vastly improved value flow and customer experience.

Our having obtained such facilities with ClearBank has made a world of difference to us, and our company now enjoys unbiased, fast and precise access to GBP payment schemes via a direct member. This stands in stark contrast with our former indirect access model, where other clearers’ idiosyncrasies and limitations were unnecessarily pushed down on us, negatively affecting our ways and means, yet we were forced to accept these as ClearBank had not yet launched. How refreshing it has been ever since!

We envision a brilliant future together with ClearBank, where we can carry on innovating and growing, knowing that we have a long term and strong partner supporting us and always adapting to our changing needs.”

Charles McManus, CEO of ClearBank:

“It is a pleasure for us to announce this partnership with Choice International. We have been actively engaged with their executive team ever since we formally opened for business, and we are therefore delighted to finally have them onboard. We look forward to working closely with Choice International to ensure they derive full value from our Banking as a Service offering, with a key focus on enriching the end-customer payment experience”.

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