Embedded Banking is a solution that allows you to take high quality tailored banking products to your customers by leveraging our banking licence. We build your banking infrastructure for you, working closely with you to bring your business vision to life – saving you the time and cost of becoming a bank. 

Banking as a Service (BaaS) is a model used to describe the delivery of financial products and services, including payments, digital wallets, cards and accounts, through third-party distributors. However, BaaS providers are not always regulated bank. 

Embedded Banking is ClearBank’s application of BaaS, offering the infrastructure to enable firms to enrich their proposition with interest-bearing accounts, savings accounts and Cash ISAs, all through a regulated bank. As a result, clients can offer Financial Services Compensation Scheme (FSCS)-eligible accounts.   

The UK Financial Services Compensation Scheme (FSCS) can provide compensation if an eligible deposit is unavailable because a bank is unable to meet its financial obligations. Compensation is limited to a maximum of £85,000 per person and per bank. 

All eligible deposits at the same bank are aggregated to determine the coverage level for each depositor up to a total of £85,000. If, for instance, a depositor holds a savings account with £80,000 and a current account with £20,000 at the same bank, he or she will only be compensated £85,000. 

Yes, ClearBank offers FSCS protected accounts through our Embedded Banking solution. 

The limit is applied where a bank operates under different trading names or intermediaries. ClearBank offers services through a number of intermediaries and for the purposes of compensation from the FSCS, if you hold deposits with ClearBank or through one or more of these intermediaries, including those listed below, these will likely be aggregated up to a maximum of £85,000. 

For more information please visit FSCS protection. 

Embedded Banking is best suited to established regulated financial institutions (fintechs, for example) with a proven track record with the time and resources to invest in an intensive process that will ultimately strengthen their position.  

Safeguarding ensures that your customers’ money stays separate from your operating funds, in a different account from your own. On the other hand, FSCS can protect your customers’ money up to £85,000 per individual should your business run into difficulty.