ClearBank and payabl. Forge UK Payments Partnership

ClearBank the UK clearing bank provider, has entered a strategic partnership with European payments technology firm payabl. to expand its UK payment capabilities and enhance security measures for business customers.

The collaboration will enable payabl. to offer its clients access to the three main UK payment infrastructures - Faster Payments, BACS, and CHAPS - facilitating instant transactions in pound sterling. 

This integration forms part of payabl.'s strategy to strengthen its Business Accounts offering for UK enterprises.

Real-time clearing capabilities

The partnership provides payabl. customers with 24/7 access to the UK Faster Payments Service (FPS), the real-time payments infrastructure that processes transactions between UK bank accounts typically within seconds. 

This contrasts with BACS payments, which operate on a three-day cycle, and CHAPS, which processes high-value transactions on the same day but only during banking hours.

Kristaps Zips, UK CEO of payabl., says: “At payabl., we believe strong partnerships drive the best innovations and benefits for customers. Our collaboration with ClearBank embodies this, integrating their services into our platform to enhance choice and security for UK customers. 

“We look forward to expanding this partnership further to help businesses better serve their customers with fast, flexible, and secure payments.”

The integration also incorporates Confirmation of Payee (CoP), a bank account name verification service introduced by Pay.UK in 2020. 

CoP checks that the account name provided by the payer matches the account name registered with the recipient's payment service provider, reducing the risk of authorised push payment (APP) fraud and misdirected payments.

John Salter, Chief Customer Officer at ClearBank, adds: “We are pleased to be working alongside payabl. to allow them to power their Business Accounts offering, and we are proud that we can help more companies experience the unique power of the ClearBank platform. 

“We are equally committed to ensuring we are building and evolving services to strengthen the payments industry for the future, and so this is an exciting collaboration.”

Market demand for instant payments

The partnership comes amid growing demand for real-time payment capabilities across the UK financial sector. 

The volume of transactions processed through the Faster Payments scheme reached nearly 5 billion in 2023, with projections indicating this figure could exceed 7 billion within the next decade.

Both firms emphasise their focus on technological innovation, with the integration leveraging application programming interfaces (APIs) to connect payabl.'s platform with ClearBank's clearing and settlement infrastructure. 

This API-first approach aligns with the broader trend of embedded finance, where banking services are integrated directly into non-banking platforms.

For payabl., the partnership represents an extension of its existing product suite, which includes card acquiring services, alternative payment methods, and point-of-sale terminals. 

Its Business Accounts allow customers to manage multi-currency payments through a centralised dashboard with continuous availability.

The collaboration arrives during a period of significant transformation in UK payments infrastructure. 

The Bank of England and Pay.UK are currently developing the New Payments Architecture (NPA), which aims to consolidate and modernise the country's retail payment systems over the coming years.

This development is relevant for financial institutions operating in the UK market, as it will require adaptation to new technical standards and settlement processes. 

Through this partnership, payabl. positions itself to navigate these changes while delivering contemporary payment capabilities to its business customers.

Kristaps says: "Instant payments aren't just about convenience; they're a necessity for modern businesses. Fast, frictionless transactions keep cash flowing, reduce operational bottlenecks, and enhance customer experience. 

“Our partnership with ClearBank ensures that UK businesses can move money instantly, 24/7 – securely and with confidence. Faster payments drive faster growth, and payabl. is committed to leading this evolution in the payments landscape.”

The collaboration demonstrates the continuing convergence of traditional banking infrastructure with financial technology solutions, as firms seek to combine the security and reliability of established payment rails with the speed and flexibility of modern fintech platforms.

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