ClearBank secures Dutch banking licence

ClearBank, a leading provider of real-time clearing and embedded banking, has secured a Credit Institution Licence from the European Central Bank, marking its expansion into Europe. The licence, overseen by De Nederlandsche Bank, enables ClearBank to offer Euro settlement and accounts, expanding its international footprint.

The newly formed ClearBank Europe N.V., headquartered in Amsterdam, is positioned to leverage its cloud-native platform and API-driven services, free from legacy systems, to meet growing client demand across the continent.

CEO of ClearBank, Charles McManus highlighted this expansion as the first milestone in ClearBank’s global growth strategy, with plans to soon offer US Dollar services.

The new banking licence allows ClearBank to providing Euro accounts and payments in addition to Sterling. This will include operating accounts, virtual accounts, and access to major European payment rails including SEPA Credit Transfer, SEPA Instant Credit Transfer and TARGET2 (T2).

The company also plans to enhance its multi-currency and FX services and to begin rolling-out embedded banking services to European clients with protected bank accounts and funds held under the Deposit Guarantee Scheme.

Rintse Zijlstra, who has been appointed CEO at ClearBank Europe, emphasised the bank’s ability to deliver next-generation banking solutions amidst changing European regulations. The move is being seen as a clear singal of ClearBank’s intent to replicate its UK success across the continent.