ClearBank, a cloud-based clearing bank, said on Tuesday that it is providing agency banking services to Ziglu. That said, the UK-based money app could now offer virtual GBP virtual accounts to its customers.
According to the press release, Ziglu’s GBP virtual accounts are processed and reported in real-time by ClearBank, allowing products to be modified at speed in a live environment using API and cloud-based solutions. Ziglu customers have access to all UK payments schemes via virtual accounts, including real-time payments via Faster Payments. The embedded banking platform, developed by ClearBank, has improved operational efficiencies, allowing Ziglu customer teams to resolve missing or pending payment queries.
“Ziglu represents all that is exciting about FinTech and finance today. With a keen sense of what their banking, investment and crypto customers will want to see next, Ziglu is perfectly poised to continue growing in 2022 and beyond. ClearBank is very pleased to have partnered with Ziglu and to provide safeguarded Virtual GBP Accounts, and we look forward to expanding the proposition together for a long time to come,” Charles McManus, ClearBank’s CEO, commented.
Mark Hipperson, the Founder and CEO of Ziglu, added: “Ziglu will continue to champion the ClearBank platform. The improvements we’ve been able to deliver to customers through ClearBank have had a remarkable effect on user satisfaction. ClearBank offers us the best of both worlds, all the security of traditional banking, along with the means to quickly adapt and satisfy our digital-native customer base.”
Robinhood and Ziglu
In April, Robinhood, a major US commission-free stock trading and investing app, announced that it had reached an agreement to acquire Ziglu. The acquisition comes in the midst of the platform’s expansion into the UK and Europe, as the plans were halted two years ago. The terms of the acquisition were not disclosed, and the deal is pending regulatory approval and other customary closing conditions.
