ClearBank, a cloud-based clearing bank, has announced multi-currency bank accounts via the ClearBank API. ClearBank expects to offer over 30 multi-currency bank accounts options during the fourth quarter of 2020. This capability will allow users to seamlessly move funds between accounts with real-time FOREX pricing.
“Before, there were only two options for firms looking to help their customers hold and move multiple currencies,” Simon Jones, ClearBank Chief Customer Officer, commented in a press release. “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. [T]his represents the best of both worlds.”
JP Morgan will provide the cash management functionality of the new offering. It will give access to multiple currencies, pricing, and execution. The operations are all performed via the new API. Client funds will be held by ClearBank.
ClearBank has built its banking business on cloud-first, API-based bank accounts. This new offering is the next evolution in its business model. To learn more, visit the ClearBank site.