Raisin UK announces migration to Embedded Banking partner
Global leader for the savings and investment market, Raisin, has announced the migration of its UK platform to ClearBank, the enabler of secure accounts, real-time clearing, and embedded banking for financial institutions.
ClearBank will underpin the FSCS protected account Raisin UK customers use to manage money they wish to deposit in saving products offered by Raisin’s partner banks on the platform and support its customer experience by providing access to payments rails – like faster payments and a variety of other services through its embedded banking platform.
Customers will benefit from ‘Confirmation of Payee’, which provides an additional layer of security when customers transfer funds into their customer account, powered by ClearBank’s cloud-based API. This will also enable quick fund transfer and account opening processes, allowing customers to begin earning returns on their savings even quicker, as they transfer funds to savings accounts held by partner banks on the Raisin UK marketplace.
Raisin will also work with ClearBank to increase the functionality of existing products. New and existing partner banks of Raisin will see improvements in the responsiveness, reporting, and speed of funding of selected savings accounts, significantly boosting operational efficiencies.
Discussing the partnership, Steven Amos, CEO for Raisin UK, commented: “With the Raisin UK platform now in its fifth year we’ve seen phenomenal growth. As we enter the next phase of the business, continuing to scale the platform through new customers and banking partners, an embedded banking solution was required to help match this scale and speed. ClearBank operates the perfect solution to enable us to do this and we are excited about the road ahead.”
Charles McManus, CEO of ClearBank, said: “As highly successful businesses like Raisin accelerate their growth, the rapid scaling and increasing complexity of its operations demands a step change in banking partners to help it to reach its full potential. Our Embedded Banking offering meets these demands, by embedding high-tech banking infrastructure that allows Raisin to improve efficiencies, delight customers, and stay ahead of the competition. Collaboration is built into Raisin’s business model and DNA, and we look forward to working together to ensure UK customers have access to the very best savings accounts.”