Real-time clearing and embedded banking provider ClearBank is working with UK-based SME lender Allica Bank to provide customer accounts and access to UK payments schemes to Allica’s business customers.
The partnership between the two banks, which have been working together since 2021, aims to support the UK SMEs that Allica serves – typically, those with between 10 and 250 employees.
ClearBank will provide Allica Bank with client money accounts and access to UK payment schemes, including Faster Payments, CHAPS and Bacs, all of which are powered by its API-first, cloud-native technology.
Allica’s offering includes business current accounts and tailored lending products, supported by technology such as an automated, instant decision-in-principle for business mortgages.
Keith Middlemass, chief operating officer at Allica Bank, said ClearBank is “an obvious partner”, given it is “a leader in its field”.
He said: “By offering a relationship-backed service, powered by modern technology, Allica is building the future of banking for established businesses. It is vital that we work with industry-leading partners that can grow with us as we scale.”
Late last year, Allica brought its business current account for established businesses to market, offering relationship manager support, and quick and secure transactions via Faster Payments, Bacs and CHAPS.
ClearBank’s chief executive officer Charles McManus added: “With its focus on SMEs, Allica Bank is supporting the backbone of our economy—and we’re committed to helping them boost business banking in the UK.
“We’re providing the speed, flexibility, and security Allica Bank needs to provide the very best services to UK SMEs.”
Earlier this year, ClearBank partnered with the largest provider of free coding courses for women in the UK, Code First Girls, to recruit more female coders and close the gender gap in fintech.
According to Code First Girls, the financial sector is both the largest and fastest-growing proportion of its client list.