ClearBank, the cloud-based clearing bank, today announced that it is providing agency banking services to UK-based money app Ziglu. ClearBank’s technological infrastructure, regulated payment rails and treasury management service have bolstered Ziglu’s banking and investment offerings, enabling Ziglu to offer virtual GBP accounts to its customers.
ClearBank powers Ziglu’s real-time processing and reporting for its GBP virtual accounts, using API and cloud-based solutions, which allows for products to be modified at speed in a live environment. Ziglu customers have access to all UK payments schemes. These virtual accounts include real-time payment via Faster payments. As well as making these customer-facing enhancements, ClearBank’s embedded banking platform has improved operational efficiencies, allowing Ziglu customer teams to resolve missing or pending payment queries, for example, significantly faster.
ClearBank’s platform gives Ziglu’s end-customers safeguarded accounts, removing third-party credit risk. ClearBank payments can be cleared in-house. The Bank of England funds are safe and secure. The two firms are currently exploring a future phase of the partnership to offer FSCS protected accounts to Ziglu’s customers.
Ziglu entered the market with a strong focus on customer experience. It offers in-app lifestyle management tools, a unique physical debit card, which supports fiat and crypto transactions, FX services, in Sterling, Euro, and US Dollar as well as investments.
Charles McManus, ClearBank’s CEO, said: “Ziglu represents all that is exciting about fintech and finance today. Ziglu is poised to continue its growth in 2022, thanks to their keen understanding of the needs of their crypto, investment, and banking customers. 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.”
Mark Hipperson, founder and CEO of Ziglu said: “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.”