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Your banking provider checklist

Below is a handy checklist to ensure you have all the information you need to make an informed decision on your banking partner.

Connectivity and access
  • You understand the breadth and depth of the schemes available and which ones are appropriate for your business.
  • You know which schemes the provider can offer connectivity to and how it is delivered.
  • You are aware of any payment cut-off windows and the availability of ‘out of hours’ payment processing.
Payment capabilities and protection
  • You understand the difference between ‘bank-like’ services provided by EMIs and regulated banks.
  • You know that funds held with non-bank providers do not offer deposit protection.
  • You know whether the provider offers any protection, including schemes such as FSCS, and whether that protection is direct or through a third party.
  • You know where your customer funds are stored and how they can be accessed.
  • You know non-bank providers cannot accrue or pay interest on funds and whether that impacts your use case.
Account structures and functionality
  • You know the different account types your provider offers, including operating accounts, client money accounts, customer segregated accounts and multi-currency accounts.
  • You understand how those accounts operate and which options best fit your use case.
  • You know whether your provider can offer both real and virtual account structures to support your business to grow and evolve.
  • You understand which structures fit best for your business ambitions, opting for all real or a mix of both, with all virtual accounts linked to real accounts.
  • You know whether your provider has implemented additional services such as Confirmation of Payee (CoP).
Stability and security
  • You have access to a detailed and regularly updated status page.
  • You know the provider’s uptime.
  • Your provider has given adequate explanations for any recent downtime or lack of service.
  • Your provider has explained their approach to resilience and security, its infosec programme and shared relevant certifications.
Customer support
  • You will be assigned a client relationship manager.
  • You know how long it will take to respond to and resolve critical issues.
  • You have access to a self-serve helpdesk and API technical documentation.
Provider expertise
  • You have seen case studies or testimonials from businesses with a similar use case to your own.
  • You are offered client reference calls to discuss their experience with a provider.
  • You know how your provider is funded, who funds it and how secure its long-term future is.
About ClearBank
The complete partner

Through our banking licence and innovative financial technology, we enable our clients to offer secure accounts, clear payments in real-time and enhance their banking propositions for their customers.

  • Accounts: fully regulated business and customer accounts.
  • Clearing: process payments faster and more securely by connecting to the payment schemes via our API.
  • Embedded Banking: offer your customers FSCS-protected accounts by leveraging our banking licence.
Ready to collaborate?

Experience the ClearBank difference and begin your journey today.