ClearBank provides banking services to Ziglu

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ClearBanka cloud-based clearing bank, announced it would provide agency banking services to a UK-based money app Ziglu.

ClearBank’s technology infrastructure, regulated payment rails and cash management service have enhanced Ziglu’s banking and investment offerings, enabling Ziglu to offer virtual GBP accounts to its customers.

ClearBank powers Ziglu’s real-time processing and reporting for its virtual GBP accounts, using APIs and cloud-based solutions, enabling rapid product changes in a live environment. Virtual Accounts allow Ziglu customers to access all UK payment systems, including real-time payments via Faster Payments. In addition to bringing these improvements to customers, ClearBank’s integrated banking platform has improved operational efficiency, enabling Ziglu’s customer teams to resolve missing or pending payment requests more quickly.

ClearBank’s platform provides Ziglu’s end customers with protected accounts, eliminating third-party credit risk. ClearBank payments are cleared internally and the funds, which are held securely at the Bank of England, are not used for investment purposes. The two companies are currently exploring a future phase of the partnership to offer FSCS-protected accounts to Ziglu customers.

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