Payments technology provider Tribe Payments has opened up access to payment schemes for its fintech customers via a partnership with ClearBank.
Through the partnership, Tribe Payments’ fintech clients will be able to integrate Faster Payments, CHAPS, BACS and Direct Debit payments to improve the functionality of their offerings, with end-users able to instantly make and receive funds from their account, as well as initiate salary payments via BACs, and set up Direct Debits.
Tribe’s ‘Bank Connect’ solution will be integrated with ClearBank’s API first platform, allowing fintechs with a card programme or digital wallets on Tribe’s platform, to add banking services to their payment products.
Alex Reddish, chief commercial officer at Tribe Payments said: “Fintechs need access to banking systems to create more powerful convenience-driven customer propositions.
“Bank Connect helps to standardise access to these banking systems, cutting out complexity and unnecessary third-parties. Thanks to our collaboration with ClearBank, we can add vital payment functionality through a single API integration, giving firms the ability to provide their customers with choice, plus the chance to expand their reach, and reduce cost.”
Simon Jones, ClearBank’s chief customer officer, said that partnerships are transforming the way financial products are built and delivered “for the better”.
“ClearBank is dedicated to helping fintechs gain simple, secure and compliant access to banking systems and rails. These systems and rails were once the preserve of the few, but our partnership with Tribe means that more service providers can now utilise the payments schemes they need to drive innovation and competition in the market,” Jones added.
In a recent episode of Open Banking Expo TV, Reddish discussed the potential that strategic partnerships can offer. Click here to watch the episode in full.