PSR Hails New Bank Launch As Indirect Access Opportunity

The Payment Systems Regulator (PSR) has hailed the launch of a new UK clearing bank as a potential leap forward for payment providers struggling to gain indirect access to the country’s fund transfer infrastructure.

ClearBank, which founder Nick Ogden describes as a “bank for banks”, was unveiled this week as the first financial institution to enter the UK clearing market in more than 250 years.

The bank has already secured direct access to the major UK payments schemes — including Faster Payments, Bacs and CHAPS, as well as Visa and Mastercard — and said it will open its doors later this year to regulated firms seeking indirect access to transfer funds.

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