Eligibility and assessment criteria

1. Your company is a legally incorporated entity.

2. Your company is a financial institution (FI) that is registered with, or authorised by the Financial Conduct Authority (FCA) and/or by the Prudential Regulation Authority (PRA) to provide financial services within the UK or registered with the Financial Conduct Authority’s temporary permissions regime. Our eligibility criteria comprise the following:

• Authorised e-money institutions
• Authorised payment institutions
• Banks
• Building societies
• Credit unions
• Gibraltar Financial Services Commission (GFSC) regulated financial institutions
• Insurance firms
• Investment and wealth management firms
• Isle of Man Financial Services Authority (IoM FSA) regulated financial institutions
• Jersey Financial Services Commission (JFSC) regulated financial institutions
• Pension firms
• Registered digital asset firms
• Small e-money institutions
• Small payment institutions
• Currently applying to be registered or authorised with the FCA and/or PRA

3. If your company is a Payment Service Provider (PSP) and in scope for the APP Scam Reimbursement Policy, you must be registered with Pay.UK to gain full access to our products and services. If you are a PSP and believe you are out of scope, you must inform Pay.UK.

4. Your company is not a micro-enterprise. Micro-enterprises are defined as an enterprise which:

• employs fewer than 10 persons; and
• has a turnover or annual balance sheet that does not exceed €2 million euros

ClearBank will assess your application against the following criteria:

1. Your Financial Crime Compliance framework – You will need to demonstrate a robust framework by providing up-to-date procedures and documentation on your Financial Crime Compliance controls, including the systems and controls to manage money laundering, financial sanctions and fraud risk. You will also need to demonstrate you have a competent MLRO and adequately resourced financial crime team for your operations.

2. Business Viability – You will need to demonstrate your financial status, business and operating model. This also includes providing monthly and annual transactional volumes, including the associated payment value forecast for ClearBank to assess capacity requirements, operational risks and determine pricing.

3. Know Your Customer (KYC) and Know Your Business (KYB) – You will need to provide us with sufficient responses and documentation to enable ClearBank to develop a full understanding of your customer base, payment flow and business model. This also includes providing relevant certified documentation to evidence the current shareholding and directorship of your company.

4. Legal and Scheme Compliance – You need to comply with payment system rules (Bacs, CHAPS and Faster Payments) and all other applicable laws.

1. Your company is a legally incorporated entity.

2. Your company is a financial institution that is registered with or authorised by an appropriate regulator authority within the European Economic Area (EEA). Our eligibility criteria comprise the following:

• Authorised payment institutions
• Banks
• EEA branch or subsidiary of a foreign bank
• Electronic money institutions
• Insurance firms including reinsurance firms
• Investment and wealth management firms
• Pension firms
• Registered digital asset firms
• Other financially regulated institutions

3. Your company is not a micro-enterprise. Micro-enterprises are defined as an enterprise which:

• employs fewer than 10 persons; and
• has a turnover or annual balance sheet that does not exceed €2 million euros

ClearBank will assess your application against the following criteria:

1. Your Financial Crime Compliance framework – You will need to demonstrate a robust framework by providing up-to-date procedures and documentation on your Financial Crime Compliance controls, including the systems and controls to manage money laundering, financial sanctions and fraud risk. You will also need to demonstrate you have a competent MLRO and adequately resourced financial crime team for your operations.

2. Business Viability – You will need to demonstrate your financial status, business and operating model. This also includes providing monthly and annual transactional volumes, including the associated payment value forecast for ClearBank to assess capacity requirements, operational risks and determine pricing.

3. Know Your Customer (KYC) and Know Your Business (KYB) – You will need to provide us with sufficient responses and documentation to enable ClearBank to develop a full understanding of your customer base, payment flow and business model. This also includes providing relevant certified documentation to evidence the current shareholding and directorship of your company.

4. Legal and Scheme Compliance – You need to comply with payment system rules (T2 and SEPA) and all other applicable laws.