UK-based Alba Bank has announced its partnership with cloud-based banking platform ClearBank to enable near real-time payments. The collaboration between the two entities aims to streamline payment management services for Alba Bank's customer base.

Specifically, Alba Bank will leverage the joint capabilities of ClearBank and Mambu, utilising a unified API integration to offer near real-time payment solutions to its clientele. Through this partnership, Alba Bank gains access to various payment schemes, including Bacs, CHAPS, and Faster Payments, facilitating secure and expedited transaction processing. According to the company press release, Alba Bank was established with the mission of providing commercial finance to underserved SMEs in the UK.

Unlike the prevalent trend of remote contact centres adopted by major banks, Alba Bank is in the process of establishing a network of regional commercial finance experts to work closely with SMEs as they navigate their growth journey. Earlier in 2023, Alba Bank received its banking license from the UK Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). Currently in a mobilisation phase, the institution is primarily focused on team expansion and infrastructure development.

Representatives from Alba Bank expressed that partnering with industry-leading firms is instrumental in achieving rapid growth and assures support from the best in the business. Officials from ClearBank noted the alignment between ClearBank and Alba Bank in constructing their IT systems from the ground up. They also expressed their belief that this approach fosters competition and innovation within the financial services sector, enabling more efficient and cost-effective transactions for customers.

Other developments from Alba Bank and Clearbank In addition to its partnership with ClearBank, Alba Bank also announced a collaboration with Mambu, a SaaS cloud-native lending engine. Throughout this partnership, Alba Bank will use Mambu’s cloud banking platform in order to manage its lending solutions, alongside its retail and business deposits. By integrating the cloud banking platform, Alba Bank will be given the possibility to have a composable and secure approach to managing its services, as well as optimising its overall agility and speed to market.

This aims to provide small and medium-sized enterprises (SMEs) with an improved development process. In June 2023, UK-based fintech Allica Bank partnered with ClearBank to support UK small and medium businesses.  Through this partnership, ClearBank provided Allica Bank with client money accounts and access to UK payment schemes, including Faster Payments (FPS), CHAPS, and Bacs, powered by its API-first, cloud-native technology. .