The UK challenger bank 3S Money has partnered with cloud-based ClearBank to offer multicurrency accounts to its retail and corporate clients for the first time, to support their international growth and that of their end-users.
The partnership will enable 3S Money’s corporate clients to hold multiple currencies in their accounts and make faster, more flexible payments in USD, EUR, GBP and EEA currencies via ClearBank’s API.
This will facilitate more local account capabilities, in order to scale faster into new markets, save time and increase their revenue. The partnership will also enable 3S Money’s clients to enable USD transactions, entering the American market for the first time.
Forecasted slow economic growth for 2022 and 20231 and ongoing Covid-19 recovery present a clear need for the partnership, which will support small to medium-sized businesses in scaling across borders.
Cross-border payments typically incur high costs, low speed, limited access and insufficient transparency, elements the partnership will be hoping to resolve. These prohibitive factors have historically made international expansion very difficult for mid-sized businesses, which are expected to operate consistently from one region to another, in line with customer expectations.
3S Money states that it chose to work with ClearBank to offer multicurrency payments and FX solutions because of its secure global infrastructure and access to regulated payment rails. Through its banking licence and technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.
Ivan Zhiznevskiy
Ivan Zhiznevskiy, CEO at 3S Money comments: “As 3S Money continues to grow, it’s important for us to enhance our technological capabilities. A sophisticated banking partner like ClearBank, with its stability, connectivity and heightened technological support, enables us to further serve our business customers in 199 countries.
“ClearBank are a great example of a fintech bank – they have the best technology and infrastructure. They offer the best real-time payment and banking services capabilities we need from a partner, which is essential in supporting not only our customers’ international growth but also our own.”
Charles McManus
Charles McManus, ClearBank CEO added: “We’re delighted to be working with 3S Money to offer multicurrency accounts to their growing client base. This partnership marks the next step in our journey to make multicurrency solutions accessible to banks and FinTechs alike.”
“As the number of multicurrency transactions occurring globally increase day-by-day, the work that 3S Money do to enable their customers to trade internationally is more important than ever. Our native API is perfectly positioned to support their scaling operations into new territories, and we’re particularly excited to support their expansion into the US market.”
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