Dozens steps up its current account offering with ClearBank
ClearBank, the cloud-based clearing bank, today announced it will be helping Dozens, the new challenger digital banking app, upgrade its current account offering. The migration to ClearBank’s banking services will enable Dozens’ customers to set up direct debits, standing orders and instantly transfer money.
As part of Dozens rebuilding its core infrastructure to bolster its payment services, ClearBank will provide new account numbers and sort codes as well as direct access to payment networks, such as Faster Payments, via a single API. For Dozens’ 50,000+ customers, this means they can initiate direct debits, standing orders and instant money transfers for the first time.
Built upon a socially responsible business model, Dozens provides its customers with a current account, saving tools and investments, all in one app. Embedded automation helps users manage their money, save and budget with real-time updates. The app also houses new financial products, enabling customers to maximise their return on investment.
“Dozens’ mission is to help its customers manage, save and grow their money. In already difficult economic times, lengthy transaction reporting times (resulting from poor underlying technology stacks) leads to opacity around most customers’ finances, making financial wellness an impossible goal. Partnering with a clearing bank that would enable us to become more agile with payment processing was paramount to improving and scaling our current account proposition, bringing socially responsible banking to the masses and unlocking new benefits for our customers. ClearBank is that perfect partner – not only does its technology provide fast, seamless access to the full UK clearing system, it was also founded on the idea of challenging a sector left unchallenged for 250 years. As such, our company missions are in strong alignment looking at evolving the old banking model, in turn to help people gain access to a better and fairer banking experience.”– Aritra Chakravarty, Founder and CEO of Dozens
“As fintechs evolve, so do their banking requirements. More customers demanding more sophisticated functionalities creates a requirement for a flexible, technology-led, banking partner to truly help their businesses scale on demand,” said Charles McManus, CEO at ClearBank. “Helping fintechs grow is what we do best. We look forward to helping Dozens remain at the forefront of this banking industry shake-up and offer customers a better way to manage their money.”