Indirect access to UK payments system

At ClearBank, we understand that customers expect their payments and transactions to be processed quickly and reliably. Through our banking licence and our intelligent, robust technology solutions, we enable our partners to offer real-time payment and innovative banking services to their customers.

ClearBank offers indirect access services to the following UK payment systems

  • Faster Payments – Connect to FPS to process 24x7 real time payments
  • Bacs Clearing – Connect to Bacs to clear Direct Debit and Bacs Direct Credit transactions
  • Bacs Direct Debit Origination – Connect to Bacs to originate Direct Debits to customers’ accounts
  • CHAPS – Connect to CHAPS to clear high value transactions

 Accounts:

  • Operating Account – Designed to hold your business’ operational funds and is the account from which we deduct our charges
  • Client Accounts – Designed to hold and separate your clients’ CASS 7 funds from your operational funds and other client funds under the Client Money Rules (Client Money Rules is the Jersey equivalent and I understood this to be current)
  • Segregation Accounts – Designed to facilitate you safeguarding your customers’ funds to comply with regulatory obligations under the Payment Services Regulations 2017, the Electronic Money Regulations 2011 or equivalent requirements

Solutions:

  • FSCS Bank Account Solutions – Provision of deposit accounts where eligible deposits are FSCS protected
  • Virtual Account Solutions – Publicly addressable accounts, also known as shadow accounts, linked to a physical bank account. Used to separate out funds held within a physical, real bank account for improved reconciliation and liquidity management

UK sort code allocation:

To access payment services via ClearBank, you can either choose to be set up with a ClearBank-owned sort code or your own bank code with and a new sort code registered to your bank code. 

  • ClearBank-owned sort code – A ClearBank-owned sort code is registered to our bank code 
  • Your own bank code – If you already have a bank code, we will provide you with a new sort code to be registered to your bank code. Using your own bank code will also enable you to migrate any existing sort codes, provided that they are registered to your bank code. If you do not have a bank code but wish to have one, you may apply for ClearBank to generate and sponsor a bank code on your behalf.

Eligibility & Assessment criteria

Check your eligibility here: https://www.clear.bank/eligibility-criteria

How ClearBank contracts with customers to deliver its transactional and agency banking services

ClearBank’s Definitive Services Agreement (DSA) applies to the transactional and agency banking services (Services) that ClearBank offers. The Services include the provision of physical bank accounts and virtual accounts with indirect access to Faster Payments, CHAPS and Bacs, accessed via our API or portal. The DSA is a contractual arrangement that reflects industry standards generally, as well as what we do and how we work with our customers. Since onboarding our first customer, our DSA has been reviewed and updated to cater for the continuous growth of our service offering, changes in law, regulations, industry guidance and customer feedback.

The DSA is our standard agreement for all eligible financial institutions covering all the Services we offer but a customer only needs to comply with the Service schedules relevant to the Services it uses. The DSA includes:

  • standard terms and conditions governing the relationship between ClearBank and its customers; 
  • specific terms and conditions for Bacs, CHAPS, Faster Payments and Confirmation of Payee; and 
  • a schedule tailored for each customer outlining the applicable fees and charges.

In future, we look forward to expanding our DSA to include new and exciting products and services, such as multicurrency accounts and foreign exchange services.

Fees & Charges:

ClearBank’s Services are provided on an ongoing subscription basis, and other than a standing monthly fee, customers only pay for the Services they use. In addition to the standing monthly fee, the DSA will set out fees and charges for the following:

  • implementation of our Services (including but not limited to project and program management, integration or other activities);
  • accounts opened in addition to the first Operational Account, General Client Account, General Segregation Account, Designated Client Account, Designated Segregation Account, Mandated Minimum Balance Account and Bacs Suspense Account;
  • the cost of payment transactions and payment remediation activities requested by you; access to the ClearBank Sandbox API.

Contact details:

If you would like to explore how ClearBank could support you to make and receive payments using our services, please contact us via enquiries@clear.bank

Registered Address: ClearBank, 4th Floor, Prologue Works, 25 Marsh St, Bristol, BS1 4AX