Digital SME banking startup Recognise Bank is to use ClearBank for the provisioning of key account infrastructure and access to the UK’s payment schemes alongside Confirmation of Payee services.
A subsidiary of City of London Group, Recognise Bank was given the green light by the UK's Prudential Regulation Authority in September to launch personal and business savings products and to start taking deposits.
The lifting of restrictions followed the completion of a £14 million capital raise in August for the City of London Group subsidiary.
Recognise Bank is the latest client to use ClearBank’s CoP offering, reducing the risk of fraud for customer deposits at the newly-launched bank.
Other ClearBank clients include Nationwide, Tide, OakNorth, DWP, PayPoint and Dozens.
Jason Oakley, CEO at Recognise Bank, says: “Our partnership with ClearBank allows us to provide both our personal savings customers and our SME customers with the ‘always on’ product and services they deserve.
Recognise aims to provide £1.3 billion in lending to more than 5,000 SME borrowers and support more than 50,000 business and personal savers over the next five years.