ClearBank and Plaid have joined forces to bring faster, seamless, and secure real-time open banking payments to UK businesses and consumers.
ClearBank has partnered with Plaid to enable real-time open banking payments across the UK, marking a major step in modernizing how businesses and consumers transfer money. By integrating ClearBank’s cloud-native banking infrastructure with Plaid’s open banking connectivity, the partnership allows “Pay by Bank” payments to settle almost instantly, providing a faster and more reliable alternative to traditional bank transfers.
The collaboration benefits businesses by simplifying payment management and reconciliation. ClearBank’s virtual accounts allow companies to link incoming payments automatically to specific transactions or customers, reducing manual processes and minimizing errors. Meanwhile, consumers experience smoother checkout and payout processes, as funds reach accounts quickly and securely.
By removing intermediaries and providing direct access to regulated clearing and payment infrastructure, the integration lowers friction in payments, cuts delays, and potentially reduces operational costs for businesses. These improvements reflect a growing shift toward open banking adoption in the UK, offering fintechs and traditional firms alike a stable and compliant platform to handle real-time transactions.
“By combining ClearBank’s cloud-native infrastructure with Plaid’s open banking connectivity, we’re unlocking potential for businesses to deliver faster, more reliable and secure payment experiences,” said Mark Fairless, Group Chief Executive Officer, ClearBank.
As the demand for real-time payments continues to grow, the ClearBank-Plaid collaboration positions both companies at the forefront of open banking innovation, demonstrating how fintech partnerships can streamline payments, enhance operational efficiency, and improve the end-user experience across the UK’s financial ecosystem.
