Archax selects ClearBank for banking services
ClearBank has today announced that it has been selected by Archax, a forthcoming institutional digital securities exchange based in London, for its pioneering ‘Banking as a Service’ offering.
Archax is focused on providing a regulated venue for institutions and professional investors to trade in digital securities. These take real-world assets – such as equity, revenue, debt, property and art – and tokenise them using blockchain technology as Security Token Offerings (STOs). This tokenisation process is a more efficient and frictionless alternative to the way traditional financial assets are handled and will bring liquidity through the creation of new secondary markets to illiquid and hard to trade assets. It also presents an alternative way of raising capital and has the potential to revolutionise the way traditional financial assets classes are handled and traded ultimately too.
Archax will utilise ClearBank’s ‘Banking as a Service’ offering to access a wide range of API-based services, including seamless access to real-time payments services across BACS and CHAPS and 24x7x365 Faster Payments. In addition, Archax clients will benefit from enhanced security as ClearBank ensures the protection of funds by holding them at the Bank of England.
Matthew Pollard, CFO at Archax, comments:
“We were looking for an institutional banking partner that would be able to scale with us as a business and handle the large size of transactions that institutional financial market exchanges need. ClearBank are clearly of that calibre and can offer us highly scalable real-time payments powered by their industry leading, technology architecture.”
“As a disrupter in the financial markets space, we wanted a partner who would embrace a non-traditional and innovative business, and one that was willing to invest the time and effort needed to understand our business in order to move ahead quickly with our on-boarding and deployment.”
Charles McManus, CEO of ClearBank added:
“As a like-minded, innovative disruptor to traditional financial services, we are thrilled to have been selected by Archax. We are looking forward to working together to help bring the Archax product to market by extending access to the UK payment schemes in a secure, scalable, reliable and efficient way“.