ClearBank partners with PingPong providing access to UK payment schemes
ClearBank, the enabler of real-time clearing and embedded banking, has today announced its partnership with PingPong, the leading provider of embedded cross-border payment solutions for enterprises, financial institutions, and SaaS companies. Through this collaboration, PingPong will leverage ClearBank’s local agency banking solution to enhance its UK offering with virtual business accounts, GBP collections, and Confirmation of Payee (CoP) functionality.
ClearBank’s cloud-based solution will allow PingPong to issue virtual accounts and IBANs under its own brand identity. PingPong will also now have near real-time access to UK payment schemes, including Faster Payments, BACS, and CHAPS, strengthening its mission to simplify global commerce by providing efficient, secure, and cost-effective payment solutions.
The partnership will provide it with the potential for further European expansion using ClearBank’s European banking licence, as both companies aim to deliver on their key strategic goal of continued international growth.
PingPong’s choice of ClearBank demonstrates its emerging position as the preferred provider for major fintechs looking to enhance their local payment capabilities across the UK and European region. ClearBank sees international markets as a priority for expansion, with rapidly evolving payments ecosystems aligning well with ClearBank’s technology-driven approach.
Alex Young, FI Partnerships Lead at PingPong, said: “ClearBank’s agency banking solution enhances our comprehensive portfolio of services and capabilities for enterprise businesses. It provides clients with direct scheme access to FPS, BACS, and CHAPS, eliminating intermediary banks and enabling faster, more transparent cross-border payments. This direct access delivers three critical advantages for our global enterprise clients: richer data transmission, improved system interoperability, and greater control over transaction flows. As we pursue our global growth aspirations, ClearBank’s scalable infrastructure can act as a gateway into Europe, enabling us to replicate these benefits across multiple markets.”
Mark Fairless, CEO of ClearBank, said:“We are proud to have been chosen as a trusted partner to help PingPong deliver its international growth plans. PingPong is one of the most successful cross-border payments businesses and its choice of ClearBank’s agency banking capabilities to support its expansion in the UK market is testament to the efficiency, reliability and security of our API-based services. As ClearBank expands across Europe, we are excited to see this partnership grow and to support more companies in accessing the region to ease the flow of payments between the continents.”