Raisin UK migrates to ClearBank Embedded Banking

Investment and savings platform Grape migrated its platform from the UK to a banking infrastructure provider ClearBank.

In this new collaboration, ClearBank will support the Financial Services Compensation Scheme (FSCS) Protected Account used by Raisin UK customers and provide access to payment rails through its integrated banking platform, ClearBank said Thursday (October 27) in a statement. Press release.

CEO of Raisin UK steven amos said in the statement that the 5-year-old Raisin UK platform has seen “tremendous growth”.

“As we enter the next phase of the business, continuing to scale the platform through new customers and banking partners, an integrated banking solution was needed to help match this scale and speed,” Amos said in the statement.

With this solution, Raisin UK customers will benefit from an added layer of security and faster funds transfer and account opening processes – both enabled by API-powered “beneficiary confirmation” ClearBank’s cloud-based application (API), according to the press release.

Raisin’s partner banks will see improvements in responsiveness, reporting and speed of funding certain savings accounts as Raisin works with ClearBank to optimize its products, the statement said.

“As highly successful companies like Raisin accelerate their growth, the rapid scale and increasing complexity of its operations demands a step change in banking partners to help it reach its full potential,” said the CEO of Clear Bank. Charles McManus said in the press release. “Our integrated banking offering meets these requirements, integrating a high-tech banking infrastructure that enables Raisin to improve efficiency, delight customers and stay ahead of the competition.”

Raisin offers customers in Europe and the United States access to interest-bearing demand and term deposits with more than 160 international partner banks and has reached the milestone of 25 billion euros (approximately $25 billion) of assets under management in savings products in June.

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Michael J. Birnbaum