Real-time clearing and embedded banking enabler ClearBank has announced that it has successfully onboarded its first European clients to the T2 payment rail. Following this announcement, the fintech clearing bank is set to welcome OpenPayd, Pay Perform (which trades as Orbital), and Transact Payments, which will all benefit from real-time transactions in EUR.

In addition, both companies will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. More information about the announcement T2 represents a real-time gross settlement (RTGS) system that is owned and operated by Eurosystem. Central banks, financial institutions, and commercial banks have the possibility to submit payment orders in EUR to T2, where they are processed and settled in central bank money.

Through the opening of Clear Bank Europe N.V., as well as the firm’s securing a Credit Institution Licence in the summer, ClearBank has successfully joined and completed the process of testing and onboarding clients to the T2 payment system via De Nederlandsche Bank. This is set to not only strengthen its operational capabilities but also allow the financial institution to better serve its users as it continues to develop on an international scale. ClearBank’s cloud-based API will continue to enable the firm to offer banking infrastructure that financial institutions can leverage to open and manage accounts easily, as well as clear payments in real-time to focus on providing optimised solutions for their clients and staying relevant in the market.

At the same time, alongside T2, ClearBank will provide access to other major European payment rails, including SEPA Credit Transfer and SEPA Instant Credit Transfer. These are expected to be confirmed following the relevant scheme timelines. .