Scottish challenger Alba Bank taps ClearBank for SME payment management
Alba Bank, the Glasgow-based challenger for SMEs, has partnered with ClearBank, which provides accounts, clearing and embedded banking solutions, to manage SME payments.
Alba Bank taps ClearBank to manage SME payments
Earlier this month, the challenger announced that it will be migrating to Mambu’s core banking platform in a bid to enhance its SME lending and retail and business deposits, as it looks to launch and scale, after securing a banking licence from the UK PRA and FCA in March this year.
With the ClearBank partnership, Alba Bank aims to offer “near real-time payments” to its customers.
By leveraging ClearBank’s single API integration, the challenger says it will be able to connect to multiple payment schemes, including Bacs, CHAPS and Faster Payments “allowing transactions to clear rapidly and over a secure platform”.
Sandeep Kadam, CTO at Alba Bank, adds that ClearBank will provide them with “the speed, agility and security that we need to help our SME customers grow and prosper”.
Commenting on the partnership, John Salter, chief customer officer at ClearBank, says: “Just like Alba, ClearBank designed and built its entire IT system from scratch, bolstering competition and innovation in financial services, allowing for more efficient and cost-effective transactions for our customers.”
