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THE BIG INTERVIEW The big reveal
UK new entrant, ClearBank, launched in February, built on a combination of Microsoft public and private cloud infrastructure and headed up by Founder and former CEO of Worldpay, Nick Ogden. It’s time to change the dynamics of the market, he tells Alex Hamilton
reveal?
I
BS Journal: What has life been like since the big
Nick Ogden: We’ve been extremely busy. We’ve been inundated with enquiries from banks and financial institutions in the UK and overseas wanting to talk to us about the services we’re offering as a new clearing bank. I was at a conference recently and people were saying that this isn’t just the first clearing bank in the UK, it’s the first internationally too. It’s going really well, we’re excited to be keeping things on track and working towards our big release day this autumn. Moving forwards, is the summary.
IBS Journal: Take us back to four years ago when you saw a market opportunity for a new clearing bank in the UK
NO: It came about from a chance discussion. I was at a conference looking at financial inclusion and market access and couldn’t understand for the life of me why there wasn’t a new clearing bank. I got chatting to Mary Starks [at the time Interim Managing Director] of the Payments Systems Regulator. It struck me as a logical thing that should have happened after the financial crisis and I told her that if I had a chance I would have a go at it. She came back to me a week later saying she’d spoken to people at the Treasury of the Bank of England and that if I wanted to have a crack at it I should get
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on with it. ClearBank is the product of that.
IBS Journal: What were the major hurdles you had to overcome to get ClearBank off the ground?
NO: There were many challenges. The first was that we had to construct a new bank and at the same time deconstruct what a traditional clearing bank is. We had no customers, we had
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