UK-headquartered global financial technology company TigerWit has just announced that it has formed a strategic partnership with ClearBank, choosing it for its new ‘Banking as a Service’ offering.
The news is an interesting tie up between two fintechs and another example of new challenger banks usurping the bigger more established ones.
TigerWit’s customers will now have the ability to make real-time payments when depositing and withdrawing funds. They will also benefit from enhanced security as ClearBank ensures the protection of funds by holding them at the Bank of England and TigerWit’s retail client funds will be segregated in line with the Financial Conduct Authority’s (FCA) client money rules.
TigerWit CEO, Tim Hughes commented:
We are excited to be able to offer even more value-add services to our range of financial solutions thanks to our partnership with ClearBank. They are strides ahead of competitors in the field of ‘Banking as a Service’ and real-time payments capabilities are in demand from our client-base. We’ve found a long-term strategic fintech partner that shares our vision of simplicity and transparency in payments while driving change and opening up new pathways to innovation.
Charles McManus, CEO of ClearBank added:
As a likeminded, innovative disruptor to traditional financial services, we are thrilled to have been selected by TigerWit. We are looking forward to working together to help TigerWit in their mission to bring fresh technological solutions to trading.