Skip to main content

Alba Bank partners with ClearBank to manage payments for SMEs

Picture shows Sandeep Kadam, Chief Technology Officer at Alba Bank
Sandeep Kadam, Alba's Chief Technology Officer

Alba Bank, the UK’s newest challenger bank dedicated to supporting SMEs, has partnered with ClearBank, the enabler of real-time clearing and embedded banking, to manage payments for its customers.

Alba Bank will be leveraging ClearBank and Mambu's partnership to offer near real-time payments to its customer base and will be accessing these services via a single API integration. Alba will be able to connect with multiple payment schemes, including Bacs, CHAPS and Faster Payments, all allowing transactions to clear rapidly and over a secure platform.

Founded by Scottish entrepreneur, Jim McColl in 2018, with its headquarters in Glasgow, Alba Bank was established to provide commercial finance to UK SMEs which remain underserved by the mainstream banks. Bucking the trend of remote contact centres favoured by the big banks, Alba is developing a network of regional commercial finance experts with the experience to work alongside SMEs as they grow.

Alba was, earlier this year, granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the FCA, allowing it to move into mobilisation, during which time it is currently focusing on building out its team, operations and infrastructure. 

Sandeep Kadam, Chief Technology Officer at Alba Bank, said: “Building our bank with industry-leading partners is the best way for Alba to scale quickly, in the knowledge that we’re being supported by the very best in the business. ClearBank has established a superb reputation among financial institutions and will provide us with the speed, agility and security that we need to help our SME customers grow and prosper.”

John Salter, Chief Customer Officer at Clearbank, added: “Just like Alba, ClearBank designed and built its entire IT system from scratch, bolstering competition and innovation in financial services, allowing for more efficient and cost-effective transactions for our customers. We’re delighted to be working with Alba as they prepare to launch and scale in the market.”

The bank has also announced a partnership with Mambu, the SaaS cloud-native lending engine which will enable Alba to build a variety of loan offerings tailored to customer needs.

Since launch in 2017, ClearBank has more than 700 employees based across the UK, with over 200 financial institutions using its platform. ClearBank works with 16 of the UK’s newest banks. 

 

About Alba Bank

Alba Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 849944).

Visit www.albabank.co.uk for more information

About ClearBank

ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.

ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).

Visit www.clear.bank for more information

 

For further information or interviews please contact:
Harry Hussain at Frame PR on 07525 903588 or harry.hussain@framecreates.co.uk

We're here to help

Alba Bank - For the next step on your journey.

Cookie Notice

This website uses cookies to collect analytical data to improve user experience. Continuing to use this website gives consent to cookies being used. Please see more information in our Privacy Policy

Back to top