ClearBank, the enabler of real-time clearing and embedded banking, and Visa, a world leader in digital payments, today announced their intention to collaborate for Issuance and Money Movement solutions, enabling clients to process both local and cross-border transactions.

By utilising ClearBank’s cloud-native banking infrastructure, Visa could soon benefit from its real-time payment processing, enhanced transaction visibility and a streamlined reconciliation process when processing transactions in the UK and Europe.

The announcement follows ClearBank’s recent expansion into Europe, having secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank. This means the company can now bring its proven, successful business model to Europe, providing clearing and embedded banking services across the region.

Beyond the initial service rollout, the partnership also has plans to launch Visa Direct, the money movement solution that includes real-time cross-border payments to cards, accounts and wallets in over 190 countries, in-country local collections and multi-currency money management.

Furthermore, ClearBank is looking to issue Visa cards to customers in the UK, expanding its existing offering.