ClearBank will provide Recognise with account infrastructure and access to the UK’s payment schemes for its savings account offering
ClearBank to enhance banking experience. (Credit: Recognise Bank Limited.)
Recognise Bank, a subsidiary of City of London Group, has selected UK-based banking-as-a-service provider ClearBank as its clearing bank.
ClearBank will provide crucial account infrastructure and access to the UK’s payment schemes for the bank’s newly launched savings account offering.
The company’s flexible API-driven platform will support Recognise Bank with the rapid and secure implementation of the regulated services.
ClearBank said that Recognise Bank is the latest organisation to use its Confirmation of Payee (CoP) offering for payments.
With the addition of CoP, the bank is enabled to enhance the customer experience for its savings account offering and promote trust with its customers.
ClearBank CEO Charles McManus said: “Recognise Bank is built differently. It is focused on supporting UK SMEs with a range of specialised financial products designed to address their specific needs.
“Our next-generation banking technology has played a key role in creating this compelling offering. In particular, it’s fantastic to see our CoP offering in action, doing exactly what it was supposed to do – dramatically reduce the risk of fraud for customers and give them peace of mind.
“We look forward to continuing to work with Recognise Bank over the coming months and years to further enhance its banking offering.”
Recognise Bank CEO Jason Oakley said: “Alongside offering compelling rates to savings customers, our mission is to support SMEs – the backbone of our economy – and to make their banking experience better and easier to navigate.
“Our partnership with ClearBank allows us to provide both our personal savings customers and our SME customers with the ‘always on’ product and services they deserve.”
Recognise is a UK-based SME focused bank with retail deposit taking capability.
It is authorised by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
The bank is focused on lending and has launched personal savings accounts, with plans to offer business savings accounts shortly.