ClearBank: How are Banks Preparing for Growth?

ClearBank, the technology-enabled clearing bank, has paired up with global infrastructure provider Volt. The partnership aims to power a new generation of merchant account capabilities in the UK and Europe. 

Volt will be able to offer what it has termed as ‘critical enhancements’. The enhancements will apply to account-based cash management capabilities in the UK and Europe. 

ClearBank has also published findings about the preparedness for banks to adapt to SEPA payments by 2030. 

A bonus in visibility for merchants 

Businesses will be able to track every stage of the payment value chain through real-time bank-direct payment initiation services. 

Volt now offers payment accounts powered by ClearBank, in addition to virtual IBANs and named accounts to enterprise merchants and PSPs. 

Businesses will also be able to automate reconciliations and initiate payouts and refunds. 

Previously unavailable to global merchants using real-time payments at scale, the capabilities are set to raise the platform of open banking to a more global scale. 

Payouts, refunds, user-level fund attribution and full lifecycle management will be available through open banking, adding more essential features beyond just payment initiation. 

Merchants and businesses will benefit from an increase in visibility across the payment lifecycle. 

Steffen Vollert, Volt’s Co-founder and CEO, says: “We’re truly excited to be partnering with ClearBank on the evolution of our accounts capabilities. 

“Meeting the complex money management and movement needs of merchants, at scale, is our joint ambition. 

“Changing the game through innovation – and the relentless pursuit of a best-in-class real-time payment infrastructure and shopper experience – ultimately unlocks the full potential of account-to-account payments; not only in Europe, but globally.”

Instant payments in Europe: Looking ahead 

As a fully regulated bank in the UK and Europe, ClearBank securely holds funds in both the Bank of England and The European Central Bank.  

John Salter, Chief Customer Officer, ClearBank adds: “We’re proud to provide the trusted, cloud-native banking infrastructure that enables innovative providers like Volt to deliver new value to their customers. 

“Our purpose-built platform enables Volt, across the UK and Europe, to deliver next-generation payment solutions and seamless customer experiences, while we focus on delivering the resilience, scalability, and regulatory excellence that underpin their growth. 

“Together, we’re driving the future of financial services, setting new standards for innovation and reliability.”

Part of ClearBank’s mission in delivering resilience and regulatory excellence involves its recently published findings about SEPA payments. 

The London-based bank that terms itself the ‘Bank for game changers’, collaborated with Celent and Plaid in recently published research. 

The research finds that real-time SEPA payments will surpass traditional transfers by 2030: resulting in it becoming the second most popular non-cash payment type by 2035. 

In addition to this, the research reveals that banks are more prepared for the 2027 SEPA mandates. 55% of banks surveyed reported they were already compliant with the July 2027 mandates.

A 95-97% majority believe they will be ready in time. 

However, one in five electronic money institutions and payment institutions already expect to miss the July 2027 deadline by six months. 

Ezequiel Canestrari, COO, ClearBank Europe says:  “The move to instant payments in Europe is accelerating a broader transformation towards real-time, intelligent banking.

“This report shows that the industry is optimistic about this shift across the eurozone, driven by the changes to the Instant Payments Regulation.”

The research reveals that 61% of banks anticipate a spend of over €20m (US$23.8m) in total capital and annualised operating expenses to achieve compliance goals. 

The research also indicates that most non-banks expect to spend less than €10m (US$11.9m).

Out of 100 financial institutions surveyed, 69% believe that SCT Instant mandates will benefit customers. 

The research highlights that financial institutions face urgency and opportunity to deliver real-time payments across Europe. 

Ezequiel continues: “The real winners will be firms that go beyond compliance and innovate to create seamless, secure, and intelligent payment experiences, where money moves as fast as information, and banking truly happens in an instant. 

“We believe that partnering with a bank built for real-time transactions, such as ClearBank, offers the speed, security and robustness these firms need without incurring the significant ongoing costs of being direct members.”