By teaming up with ClearBank, Allica Bank’s SME customers will have access to ClearBank’s customer accounts and UK payment schemes. That includes Faster Payments (FPS), CHAPS and Bacs, powered by its API-first, cloud-native technology.
Having opened its doors to SME lending in March 2020, Allica Bank offers business current accounts and tailored lending products.
Keith Middlemass, chief operating officer at Allica Bank, said: “By offering a relationship-backed service powered by modern technology, Allica is building the future of banking for established businesses.
“It is vital that we work with industry-leading partners that can grow with us as we scale”, Middlemass added. “ClearBank is a leader in its field and is an obvious partner for us—we are on the same path both in growth trajectory, and in our values.”
ClearBank is a technology-enabled clearing bank working with 15 of the UK’s newest banks. In March 2022, the company raised £175m in an equity investment round led by Apax Digital. ClearBank said it would use the money to expand its clearing and embedded banking product offerings worldwide.
ClearBank’s Chief Executive Officer Charles McManus commented: “With its focus on SMEs, Allica Bank is supporting the backbone of our economy—and we’re committed to helping them boost business banking in the UK. We’re providing the speed, flexibility, and security Allica Bank needs to provide the very best services to UK SMEs.
ClearBank and Allica Bank have been working together since July 2021.
