ClearBank, a provider of real-time clearing and embedded banking solutions, has announced its expansion into Europe. This move is aimed at meeting client demand for Euro settlement and Euro accounts.

ClearBank Europe N.V. has been granted a Credit Institution Licence by the European Central Bank. The licence is issued under the oversight of De Nederlandsche Bank. It confirms ClearBank’s adherence to high compliance standards, effective controls, resilient technology, and its established reputation.

New Platform Enhances Efficiency

This expansion is the initial phase of ClearBank’s broader international growth strategy. The company will now compete within the European market.

ClearBank differentiates itself from other European providers by offering services through a single API, supported by a real-time, cloud-native platform. This platform, developed from scratch, facilitates more efficient and cost-effective transactions.

It avoids the issues related to legacy systems found in traditional banking. Additionally, ClearBank's business model includes holding client funds at the central bank for enhanced security.

Rintse Zijlstra, CEO at ClearBank Europe, said: “With changing regulations impacting banks and payment providers across Europe—many of which will require major overhauls of technology infrastructure—we are best-placed to help our clients deliver compliant, next-generation banking and payments services.”

A new adventure begins for us today! We've officially expanded into Europe. 🌍

With our Credit Institution Licence granted by the European Central Bank, under the supervision of De Nederlandsche Bank, we've passed another milestone on our international expansion journey. We now… pic.twitter.com/zbXYNTpA4D

— ClearBank (@clear_bank) August 9, 2024

New HQ Opens Amsterdam

With its new licence, ClearBank can now offer Euro accounts and payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term alongside Sterling. Services will include operating and virtual accounts, and access to European payment systems such as SEPA Credit Transfer, SEPA Instant Credit Transfer, and TARGET2.

ClearBank Europe N.V. will also provide multi-currency and foreign exchange services to European clients. It will upgrade the foreign exchange capabilities of ClearBank UK and begin offering embedded banking services in Europe, including protected accounts under the Deposit Guarantee Scheme.

The Netherlands was selected for ClearBank’s European headquarters due to its strong economy, innovative regulatory environment, and active fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term sector. The new office, based in Amsterdam, will open immediately. ClearBank plans to recruit over 60 new staff members over the next five years.

“ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model,” said Charles McManus, the company's CEO. “We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”