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ClearBank Retail Banking

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ClearBank is a cloud-based clearing bank delivering Clearing and Agency banking solutions for regulated financial institutions. ClearBank provides access to real-time payment services - including Clearing House Automated Payment System (CHAPS), Faster Payments Service (FPS), and Bacs Payment Schemes Limited (Bacs) - through their API-based services and web portal.

Connector scope

The ClearBank - Retail Banking connector enables Mambu customers to connect to UK clearing schemes like FPS, CHAPS, and Bacs. The connector enables banks to:

  • Create UK IBANs for client accounts and link them to Mambu accounts.
  • Process client-initiated interbank payments via FPS and CHAPS.
  • Process incoming FPS and CHAPS.
  • Create mandates for Direct Debit and Direct Credit schemes.
  • Process Direct Debit and Direct Credit payments.
  • Provide integration with ComplyAdvantage to monitor all the incoming and outgoing payments for AML checks. Alternatively, provide an extension point to link to their preferred Fincrime module in the payment flows.
  • Provide a facility to process intrabank transfers via ClearBank for better reconciliation.
Architecture diagram for the ClearBank Retail Banking connector

UK payment schemes

The following UK Payment schemes are available via ClearBank.

Bacs Payment Schemes

Bacs, previously known as the Bankers Automated Clearing Service, facilitates the clearing and settlement of automated payments throughout the UK. Bacs works on a three-day, non-urgent payment cycle.

Users create files of payment details that are submitted on the first day, these are then processed by the banks on the second day and then simultaneously taken from the sender account and credited to the recipient account on the third day. Direct Debit is a safe and cost-effective method of sending and receiving payments. It is an instruction from a customer to their bank (or building society) authorising an organisation to collect varying amounts from their account, as long as the customer has been given advance notice of the collection amounts and dates. ClearBank supports Direct Debit Collections through paperless Direct Debits.

Clearing House Automated Payment System

CHAPS is an automated payment system allowing customers to make same day payments within the UK, on a Real Time Gross Settlement (RTGS) basis provided valid payment instructions are received before 17:00. CHAPS can be used for very large payment amounts with certainty of settlement. ClearBank is a direct participant of CHAPS.

Faster Payments Service

FPS provides a near real time, 24/7 payments service for UK customers. ClearBank is a direct participant of the FPS and its connection to the FPS central infrastructure allows you to send and receive payments of up to GBP250,000.