ClearBank, the real-time clearing and embedded banking enabler, is teaming up with PingPong, an embedded cross-border payment solution provider, to enhance PingPong’s UK offering with virtual business accounts, GBP collections, and Confirmation of Payee (CoP) functionality.
Through the new collaboration, PingPong will leverage the local agency banking solution from ClearBank, enabling it to issue virtual accounts and IBANs under its own brand identity. PingPong says the move will give it near real-time access to UK payment schemes, including Faster Payments, BACS, and CHAPS, strengthening its mission to simplify global commerce by providing efficient, secure, and cost-effective payment solutions.
“ClearBank’s agency banking solution enhances our comprehensive portfolio of services and capabilities for enterprise businesses,” explained Alex Young, FI partnerships lead at PingPong. “It provides clients with direct scheme access to FPS, BACS, and CHAPS, eliminating intermediary banks and enabling faster, more transparent cross-border payments.
“This direct access delivers three critical advantages for our global enterprise clients: richer data transmission, improved system interoperability, and greater control over transaction flows. As we pursue our global growth aspirations, ClearBank’s scalable infrastructure can act as a gateway into Europe, enabling us to replicate these benefits across multiple markets.”
The partnership will provide it with the potential for further European expansion using ClearBank’s European banking licence, as both companies aim to deliver on their key strategic goal of continued international growth.
Enhancing UK payment capabilities
ClearBank says that PingPong’s decision to partner with it underscores its emerging position as the preferred provider for major fintechs looking to enhance their local payment capabilities across the UK and European region.
Mark Fairless, CEO of ClearBank, commented on the move: “We are proud to have been chosen as a trusted partner to help PingPong deliver its international growth plans. PingPong is one of the most successful cross-border payments businesses, and its choice of ClearBank’s agency banking capabilities to support its expansion in the UK market is testament to the efficiency, reliability and security of our API-based services.
“As ClearBank expands across Europe, we are excited to see this partnership grow and to support more companies in accessing the region to ease the flow of payments between the continents.”
ClearBank views international markets as a top priority for expansion, with rapidly evolving payments ecosystems aligning with its technology-driven approach.
