Global payments and financial platform for modern businesses, Airwallex has expanded its UK offering with virtual business accounts, GBP collections, and confirmation of payee (CoP) functionality, following a new partnership with ClearBank, the embedded banking and real-time clearing enabler.
The partnership was formed as both firms are looking to streamline financial services for more customers. Under the new agreement, Airwallex will leverage ClearBank’s agency banking solution to enhance its UK offering and issue virtual accounts and IBANs under its own brand identity. This will enable Airwallex to reinforce its financial platform, while also allowing it to maintain its customer branding.
Through the partnership, Airwallex will have access to UK payment schemes. These include Faster Payments, BACS, and CHAPS. In turn, the partnership will accelerate Airwallex’s strategic goal of helping businesses simplify their global payments and financial operations, all the while unlocking new opportunities for growth.
Vivien Cheung, head of financial partnerships, EMEA at Airwallex said: “Our priority is to provide businesses with fast, flexible and seamless financial services. ClearBank’s agency banking solution aligns perfectly with our vision, allowing us to enhance our product offering in the UK while maintaining our brand identity. The team’s deep understanding of our business needs and their speed of execution have been invaluable throughout the partnership development and integration process.”
Demand for flexible fintech
The partnership highlights a growing demand for innovative financial solutions that combine the flexibility of fintech with the security of traditional banking. ClearBank’s cloud-based approach allows for efficient integration, enabling Airwallex to deliver the features and functionality businesses need to make payments faster and more cost-effective.
John Salter, chief customer officer at ClearBank said: “We’re proud to partner with Airwallex as the business enters its next phase of growth. Our unique combination of innovation and security was essential in supporting the premium customer experience that Airwallex is looking to provide.”
