Robinhood’s Ziglu partners with ClearBank to offer virtual GBP bank accounts
Cloud-based clearing bank ClearBank has announced that it is providing agency banking services to UK-based money app Ziglu. ClearBank’s technological infrastructure, regulated payment rails and treasury management service have bolstered Ziglu’s banking and investment offerings, enabling Ziglu to offer virtual GBP accounts to its customers.
ClearBank powers Ziglu’s real-time processing and reporting for its GBP virtual accounts, using API and cloud-based solutions, which allows for products to be modified at speed in a live environment. The virtual accounts provide Ziglu customers with access to all the UK payments schemes, including real-time payments via Faster Payments. As well as making these customer-facing enhancements, ClearBank’s embedded banking platform has improved operational efficiencies, allowing Ziglu customer teams to resolve missing or pending payment queries, for example, significantly faster.
ClearBank’s platform gives Ziglu’s end-customers safeguarded accounts, removing third-party credit risk. ClearBank payments are cleared in-house and funds, which are held securely at the Bank of England, are not used for investment purposes. The two firms are currently exploring a future phase of the partnership to offer FSCS protected accounts to Ziglu’s customers.
Ziglu, which recently agreed to be acquired by Robinhood (NASDAQ:HOOD), entered the market with a strong emphasis on customer experience, providing in-app lifestyle management tools and a distinctive physical debit card to support both fiat and cryptocurrency transactions, FX services in Sterling, Euro and US Dollar, as well as investments.
Charles McManus, ClearBank’s CEO, said:
“Ziglu represents all that is exciting about fintech and finance today. With a keen sense of what their banking, investment and crypto customers will want to see next, Ziglu is perfectly poised to continue growing in 2022 and beyond. ClearBank is very pleased to have partnered with Ziglu and to provide safeguarded Virtual GBP Accounts, and we look forward to expanding the proposition together for a long time to come.”
Mark Hipperson, Founder and CEO of Ziglu, said:
“Ziglu will continue to champion the ClearBank platform. The improvements we’ve been able to deliver to customers through ClearBank have had a remarkable effect on user satisfaction. ClearBank offers us the best of both worlds – all the security of traditional banking, along with the means to quickly adapt and satisfy our digital-native customer base.”
Ziglu is the banking, exchange and investment app that’s challenging the challenger banks at their own game. Ziglu’s mission is one of fairness and financial inclusion, empowering everyone to benefit from the new world of digital money, easily, safely and affordably.
ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers. ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).