IBS Journal April 2017
19
Not just another challenger, this is ClearBank
built on a combination of Microsoft public and private cloud infrastructure and headed up by Founder and former CEO of Worldpay, Nick Ogden (pictured). At an event in London during February, he unveiled how the company plans to bring a new level of open competition and change to the UK FS marketplace.
U
ClearBank is being pitched as not just another challenger bank. Rather it is gearing up to become the UK’s fifth clearing bank (lining up alongside Barclays, HSBC, Lloyds and Royal Bank of Scotland). It will open its doors during the autumn to FS providers, FCA-regulated businesses and FinTechs that require access to UK payment systems and core banking technology to support current account capabilities.
Former CFO of RBS Ulster Bank and CFO of Royal Bank of Canada Europe and Asia, Charles McManus, is ClearBank CEO and leads an executive team including: Chief Financial Officer, Marc Jenkins; Chief Risk Officer, Steve Barry; Chief Technology Officer, Andrew Smith; and Chief Governance Officer, Philip House. The venture has secured an invest- ment of £25 million from PPF Group and CFFI Ventures in
K new entrant, ClearBank, has launched,
addition to investments from the founding management team (all members of the team participate in a share programme).
“There are thousands of new FinTech startups and chal- lenger banks improving choice, but the industry will never truly move forward while it’s constrained by the challeng- es of legacy operational structures,” says Ogden. “Clear- Bank was built specifically to create competition and aims to change the market dynamics radically. Figures from the Cruickshank Report indicate that, with the improved efficiency delivered by ClearBank’s built-for-purpose technology, between £2 billion and £3 billion could be saved from the annual costs that are paid for transactional banking in the UK. This represents a substantial boost to the UK economy delivering better operational processes without any impact on the way that commerce is oper- ated in the country. We are delighted to share the result of more than three years of regulatory, operational and technology efforts, bringing true competition and a new level of transparency to UK banking. That is the ClearBank difference.”
Scott Thompson
www.ibsintelligence.com
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