Recognise Bank has selected ClearBank for key account infrastructure and access to the UK’s payment schemes.
ClearBank will provide various services, such as confirmation of payee for Recognise’s newly launched savings account offering.
London-based Recognise Bank, a subsidiary of City of London Group, is an SME-focused bank with retail deposit taking capability. The SME market is very competitive in the UK. Along with the high street banks, other challenger banks in this space include Bank North, mibanc, Mettle, GB Bank, Soldo, Tide, Starling, Monzo and Revolut.
“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, as well as help savers enjoy compelling rates, flexible products and the peace of mind that their money is always safe.” says Charles McManus, CEO at ClearBank.
Jason Oakley, CEO at Recognise Bank, adds: “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.”
ClearBank explains that its API-driven platform allows Recognise Bank to offer these regulated services.
ClearBank is a clearing bank (obviously), and clients include Nationwide, Tide, OakNorth, DWP, PayPoint and Dozens. At its launch in 2017, ClearBank was the UK’s first new clearing bank for 250 years.
Last month ClearBank was selected by digital savings account Chip. Via ClearBank’s Banking as a Service proposition, Chip savings accounts became covered by the Financial Services Compensation Scheme on deposits up to £85,000 and connected to Faster Payments for real-time withdrawals.
Recognise Bank was founded in 2017. It aims to provide £1.3 billion in lending to more than 5,000 SME borrowers and is targeting more than 50,000 business and personal savers over the next five years.