Savings and investment fintech Raisin is migrating its UK banking platform to emebedded banking outfit Clearbank, in the process gaining access to FSCS protected accounts and faster payment rails.
ClearBank will underpin the FSCS protected account Raisin UK customers use to manage money they wish to deposit in saving products offered by the fintech's partner banks on the platform.
Alongside faster payments, users will also benefit from ‘Confirmation of Payee’, which provides an additional layer of security when customers transfer funds into their accounts.
Steven Amos, CEO for Raisin UK comments: “With the Raisin UK platform now in its fifth year we’ve seen phenomenal growth. As we enter the next phase of the business, continuing to scale the platform through new customers and banking partners, an embedded banking solution was required to help match this scale and speed."
He says the firm will additionally work with ClearBank to increase the functionality of existing products, providing partner banks with improvements in the responsiveness, reporting, and speed of funding of selected savings accounts.
Charles McManus, CEO of ClearBank, says: “As highly successful businesses like Raisin accelerate their growth, the rapid scaling and increasing complexity of its operations demands a step change in banking partners to help it to reach its full potential. Our embedded banking offering meets these demands, by embedding high-tech banking infrastructure that allows Raisin to improve efficiencies, delight customers, and stay ahead of the competition.”