TigerWit, a global foreign exchange (forex) broker based in the United Kingdom, has selected ClearBank for its “Banking as a Service” offering, the clearing bank announced this Thursday.
ClearBank, which states that it is the first new clearing bank for the UK in more than 250 years, will provide TigerWit’s customers with access to its real-time agency banking services.
Under the agreement, investors trading through the brokerage will now be able to make real-time payments when depositing and withdrawing funds, the statement released today said.
ClearBank holds its client funds at the Bank of England (BoE). As per the agreement, the brokerage’s retail client funds will be segregated as per the Financial Conduct Authority (FCA) client money rules.
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Commenting on the collaboration, TigerWit’s Chief Executive Officer (CEO), Tim Hughes said: “We are excited to be able to offer even more value-add services to our range of financial solutions thanks to our partnership with ClearBank.
“They are strides ahead of competitors in the field of ‘Banking as a Service’ and real-time payments capabilities are in demand from our client-base. We’ve found a long-term strategic fintech partner that shares our vision of simplicity and transparency in payments while driving change and opening up new pathways to innovation.”
Today’s announcement follows on from the FX broker publishing its financial results at the beginning of this year, which showed that the company managed to achieve a revenue uptick of 96 percent year-on-year in 2018, hitting $19.6 million.
TigerWit Eyes Expansion in 2019
According to the financial statement released at the time, the firm plans to continue to expand its footprint by securing more financial licenses, sign more partnerships and enter into new jurisdictions in 2019.
“As a likeminded, innovative disruptor to traditional financial services, we are thrilled to have been selected by TigerWit. We are looking forward to working together to help TigerWit in their mission to bring fresh technological solutions to trading,” added Charles McManus, the CEO of ClearBank.