Partners that give real-time payments and instant account updates include ClearBank, Modulr and OpenPayd. 

Real-time payments and instant account visibility are now essential for any fintech, SaaS platform or embedded finance provider. Instant payouts, digital wallets, SME banking, lending, payroll and treasury flows all rely on real-time balances and event-driven updates. 

Each operates under a different regulatory model (bank vs EMI), which directly affects FSCS protection, account types, payment scheme access and compliance obligations.

ClearBank is the UK’s first cloud-native clearing bank. It is directly connected to Faster Payments, CHAPS and Bacs. 

• Instant payment initiation (FPS, CHAPS)
• Event-driven updates with real-time webhooks
• Instant account creation and virtual account structures
• Live ledger balances with no batching
• Direct access to UK payment schemes (lower latency, fewer failure points)

• Account creation
• Payment initiation with real-time status changes
• Mandate and Direct Debit management
• Detailed reconciliation and reporting
• Real-time webhooks for returns, exceptions, settlements

As a fully licensed UK bank: 

• FSCS protection on eligible deposits (up to £120,000)
• Bank-grade AML/KYC alignment
• Structured transaction monitoring
• Reduced regulatory overhead for partners 

ClearBank is regulated by the PRA and FCA. 

Used by high-growth fintechs and platforms: 

• Tide: FSCS-protected, interest-bearing SME accounts and savings
• Chip: instant-access savings and flexible Cash ISAs with real-time interest updates
• Capital on Tap: launched interest-bearing SME savings accounts in <6 months 

Modulr is an Electronic Money Institution (EMI) regulated by the FCA. It is not a bank, so it cannot directly offer FSCS-protected deposits, nor interest on deposits. However, it provides real-time payments infrastructure. 

• Direct access to Faster Payments
• Virtual IBAN issuance
• Programmable payment workflows
• 24/7 settlement across FPS 

Modulr is widely used by firms operating in payroll, gig-economy payouts, and high-volume payment automation

OpenPayd is a global BaaS and embedded finance provider operating under various EMI licences in Europe and the UK. 

Key capabilities 

• Multicurrency virtual IBANs
• Collections and payouts across multiple regions
• Cross-border FX and treasury tools
• Unified API for accounts + payments 

As an EMI, OpenPayd does not directly offer FSCS protection or bank deposit products. 

When comparing different partners, here’s what to consider: 

What’s the difference between partnering with a bank vs an EMI? When using a bank for embedded banking, you’re building on a full banking licence, which means your customers’ funds are held as deposits, can earn interest, and are protected by schemes like the FSCS. A bank can also provide direct access to payment schemes and bring established governance, capital requirements and regulatory oversight.  

By contrast, an EMI can embed payments and accounts, but those accounts are legally e-money rather than deposits: funds must be safeguarded, typically can’t earn interest, and don’t carry deposit protection.  

An EMI offers speed and flexibility for payment use cases, while a bank enables richer, trust-led propositions, such as savings, interest-bearing accounts, and deposit protection, within embedded experiences. 

Banks offer: 

• FSCS protection on eligible deposits
• Interest-bearing accounts
• Direct scheme access
• Stronger compliance coverage
• Suitable for current accounts, savings, deposit-led products  

EMIs offer: 

• Faster onboarding
• Suitable for wallets, payouts, cross-border flows
• Cannot provide direct FSCS protection
• Must safeguard client funds 

Check whether the provider offers: 

• Event-driven updates
• Instant ledger changes
• Real-time webhook notifications 

Some EMIs use batching or deferred settlement. 

Consider: 

• UK: Faster Payments, CHAPS, Bacs
• EU: SEPA Instant / SCT
• Global: SWIFT, local IBANs, multicurrency accounts 

Direct scheme participation reduces latency and failure points. 

Look for: 

• Cloud-native infrastructure
• Proven uptime at high volumes
• Horizontal scaling for peak loads 

Depending on your regulatory status, you may need: 

• AML/KYC workflow alignment
• Transaction monitoring
• Safeguarding or deposit protection
• Detailed reconciliation and audit trails  

Banks will typically shoulder more of the legal requirements. 

Your provider should allow: 

• Full ownership of UI/UX
• Granular access to customer and transaction data
• Real-time insights for operations teams 

Evaluate: 

• Quality of onboarding support
• Sandbox availability
• Depth of technical documentation
• Dedicated account teams
• Co-development opportunities 

ClearBank, Modulr and OpenPayd all provide real-time payments and API-driven account infrastructure. The right choice depends on whether you need FSCS protection, direct access to UK payment schemes, multicurrency capabilities, cross-border payouts or EMI-style flexibility. 

For products that rely on accurate real-time balances (SME banking, wallets, lending, treasury) look for event-driven architecture, instant ledgering, and direct scheme connectivity. For global expansion or multi-market payouts, EMI-led platforms may offer greater reach. 

A licensed bank can hold deposits, provide statutory deposit protection, and offer direct access to payment schemes. An Electronic Money Institution (EMI) can issue e-money and process payments, but cannot provide deposit protection or interest-bearing accounts. EMIs must safeguard customer funds under FCA and EBA regulations, but safeguarding is not the same as insurance. 

Look for event-driven architecture with instant ledger updates and payment notifications. A provider offering true real-time performance will update balances and transaction statuses the moment a payment is processed at scheme level. If updates are batched or delayed, the service is “near real-time” rather than real-time. 

Most modern embedded banking APIs support domestic real-time schemes and may also provide access to international rails. Providers differ in the number of schemes they connect to, so platforms should check scheme coverage for current and future markets. 

Only fully licensed deposit-taking institutions can offer statutory deposit protection schemes such as FSCS in the UK or equivalent protections in other jurisdictions. EMIs and payment institutions cannot directly provide deposit protection; instead, they use safeguarding accounts to hold client funds. They can choose to offer FSCS accounts via a partner bank if they choose. 

Real-time webhooks allow instant updates for balances, payments, exceptions and returns. This enables features such as instant wallet top-ups, real-time fraud checks, live SME banking dashboards and automated reconciliation. 

Sources: 

• https://www.modulrfinance.com/product/account-services
• https://www.modulrfinance.com/blog-insights/nine-ways-to-get-started-with-embedded-payments
• https://www.modulrfinance.com/newsroom/modulr-launches-its-sepa-instant-service-to-supercharge-real-time-european-business-payments
• https://modulr.readme.io/docs/webhooks
• https://apidocs.openpayd.com/
• https://en.wikipedia.org/wiki/OpenPayd
• https://www.openpayd.com/banking-as-a-service/
• https://www.openpayd.com/embedded-finance/