UK-based online payments platform Payset has entered a collaboration with ClearBank to access the UK payment system for local and cross-border transactions. By becoming a ClearBank client, Payset and its users are set to gain access to the region’s payment system for local and cross-border transactions.

At the time of the announcement, the integration of the ClearBank API into Payset’s client app was completed, with the latter working on issuing accounts and facilitating incoming and outgoing payments. In addition, the alliance focuses on enabling Payset to provide optimised business and individual accounts to clients in all its supported jurisdictions. How will the partnership support Payset and its clients? Through its banking licence and technology solutions, ClearBank allows its partners, including Payset, to deliver real-time payment and banking services to their customers.

Also, ClearBank’s agency banking services are set to connect Payset to UK-based payment networks utilising their banking licence to provide FSCS-protected accounts. As part of the partnership, Payset aims to deliver its clients with: UK bank accounts and sort codes, which enable transactions to be in Payset’s name, with the company being able to settle payments and any queries directly instead of using a third party; Accelerated GBP payments, with Payset becoming an indirect participant in the UK payment scheme. The company can deliver rapid GBP payments to all clients with access to the Faster Payments, Bacs, and CHAPS networks; SWIFT payments in several currencies, including EUR, USD, GBP, CAD, CHF, PLN, NOK, DKK, SEK, CZK, and HUF; Instant FX solutions through ClearBank, with clients benefiting from an optimised currency exchange service; Direct Debit services after the initial integration of ClearBank API is completed, with Payset planning to move onto the second phase and provide this type of transaction in GBP.

Furthermore, representatives from Payset highlighted that the decision to partner with ClearBank can be attributed to both companies’ shared commitment to delivering improved solutions that meet the needs of clients. By joining forces, Payset intends to offer a range of products and services, whilst enhancing its client relationships and attracting additional ones. According to ClearBank’s officials, the firm plans to assist Payset’s expansion into new markets and client verticals while its growing its EU business.

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