ClearBank unveils embedded banking service for SME credit card provider

Real-time clearing and embedded banking provider ClearBank has launched an embedded banking service for Capital on Tap, which is a credit card provider for small businesses.

Through the collaboration, ClearBank provides business savings accounts integrated directly into Capital on Tap’s existing user portal, with these savings accounts available to new and existing customers.

Businesses benefit from higher interest rates on their savings, as well as eligible deposits protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

They can deposit funds from their nominated bank account and then withdraw funds instantly as they need them.

ClearBank and Capital on Tap began the implementation in April 2024.

Following initial beta testing in October last year, the savings accounts are now live for Capital on Tap’s customers, making it the quickest embedded banking service ClearBank has brought to market.

The two companies are discussing working together to develop future solutions that would improve Capital on Tap’s offering to its SME client base.

Alex Miles, chief operating officer at Capital on Tap, said: “As UK small businesses face growing pressures, we prioritised launching a high-interest savings solution to help our customers build financial security.

“We chose ClearBank as our partner for their proven track record in embedded banking and FSCS-protected savings accounts. Their understanding of our requirements enabled us to integrate these accounts in just over six months, accelerating our vision of becoming a comprehensive financial hub for SMEs.”

ClearBank’s chief customer officer John Salter said that the integration of secure and reliable savings accounts into Capital on Tap’s portal had enabled it to expand its customer offering, without compromising on user experience.

“The external landscape and need for quick turnaround times have demanded the combination of innovation and security that ClearBank was created to deliver. We are delighted with the results and hope to use this as a basis for further collaboration in the future,” Salter added.

At the start of the year, financial platform for businesses Airwallex integrated ClearBank’s agency banking solution to improve its UK offering with virtual business accounts, GBP collections, and Confirmation of Payee functionality.