Cross border payments firm PingPong has partnered with ClearBank, which specialises in real time clearing and embedded banking, to enhance its UK payment capabilities.
Under the collaboration, PingPong will integrate ClearBank’s agency banking solutions
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to introduce virtual business accounts for its users, enabling GBP collections and adding the Confirmation of Payee feature.
Furthermore, PingPong is set to gain expedited access to several UK payment mechanisms, such as Faster Payments, BACS, and CHAPS.
PingPong FI Partnerships Lead Alex Young said: “ClearBank’s agency banking solution enhances our comprehensive portfolio of services and capabilities for enterprise businesses. It provides clients with direct scheme access to FPS, BACS, and CHAPS, eliminating intermediary banks and enabling faster, more transparent cross-border payments.
“This direct access delivers three critical advantages for our global enterprise clients: richer data transmission, improved system interoperability, and greater control over transaction flows.”
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By GlobalDataClearBank’s technology will facilitate PingPong in issuing branded virtual accounts and IBANs by integrating these services within PingPong’s platform.
The agreement also positions PingPong for potential growth in the European market, leveraging ClearBank’s European banking licence, the bank said in a statement.
Young added: “As we pursue our global growth aspirations, ClearBank’s scalable infrastructure can act as a gateway into Europe, enabling us to replicate these benefits across multiple markets.”
ClearBank CEO Mark Fairless stated: “We are proud to have been chosen as a trusted partner to help PingPong deliver its international growth plans.
“As ClearBank expands across Europe, we are excited to see this partnership grow and to support more companies in accessing the region to ease the flow of payments between the continents.”
Last month, cross-border payments company Orbital teamed up with ClearBank Europe to provide its enterprise clients with euro transaction capabilities.
