Clearing and Agency banking via ClearBank
  • 18 Aug 2020
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Clearing and Agency banking via ClearBank

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ClearBank, the cloud-based clearing bank delivering Clearing and Agency banking solutions for Regulated Financial Institutions. Clearbank provides access to real-time payment services including CHAPS, Faster Payments and Bacs Payment Schemes Limited (Bacs) accessible through ClearBank’s API-based services and web portal. The following UK Payment schemes are available via Clearbank:

  1. Faster Payments (FPS): The FPS payment scheme provides near real time, 24/7, payments service for UK customers. ClearBank® is a direct participant of the FPS and its connection to the FPS central infrastructure allows you to send and receive payments of up to £250,000, 24 hours a day, seven days a week.
  2. CHAPS: CHAPS is an automated payment system allowing customers to make same day payments within the UK, on a Real Time Gross Settlement (RTGS) basis provided valid payment instructions are received prior to 17:00. CHAPS can be used for very large payment amounts with certainty of settlement. ClearBank is a direct participant of CHAPS.
  3. Bacs Payment Schemes Limited (Bacs): Bacs (previously known as the Bankers Automated Clearing Service) facilitates the clearing and settlement of automated payments throughout the UK. Bacs works on a 3 day, “non-urgent” payment cycle. Users create files of payment details that are submitted on the first day, these are then processed by the banks on the second day and then simultaneously taken from the sender account and credited to the recipient account on the third day. Direct Debit is a safe and cost effective method of sending and receiving payments. It is an instruction from a customer to their bank (or building society) authorising an organisation to collect varying amounts from their account, as long as the customer has been given advance notice of the collection amounts and dates. Clearbank supports Direct Debit Collections by offering Paperless Direct Debits.

The Mambu-ClearBank connector has two main business flows:

  • Lending Use cases: This part of the integration supports use cases encompassing payments for Lending operations such as : Loan Disbursement and Loan pre payments via different UK payment schemes.
  • Retail Banking use cases: This part of the integration supports use cases encompassing payments for retail banking operations such as : Deposit account withdrawals, Deposit account deposits, Direct Debit collections via different UK payment schemes.

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