RationalFX levels-up payments proposition with ClearBank
ClearBank’s virtual accounts offering improves visibility, liquidity, and control for RationalFX’s customers.
London, UK, March 10th 2021 – ClearBank, the cloud-based clearing bank, today announced it is supporting RationalFX, a leading UK payments and foreign exchange provider, with a range of tailored payments services that will improve the visibility, liquidity and control of funds for RationalFX’s customers. The partnership will allow RationalFX and Xendpay – both part of the Rational Group – to offer customers a combination of sort code, account numbers and an addressable IBAN. The companies also gain access to real-time Faster Payments, BACS and CHAPS payment rails.
Founded in 2005, RationalFX was one of the first non-bank Financial Institutions to be named an Authorised Payment Institution. The firm offers market-leading deliverable FX services to individuals, SMEs and corporates, and continues to build on its impressive product suite in response to evolving client needs. Most recently, RationalFX has focused its efforts on building a tech-stack that accelerated customer payments, provided smoother onboarding, and gave better visibility on funds.
With this partnership, RationalFX customers can now bid goodbye to error-prone transactions references and incorrect reconciliation. With its own IBAN accounts, customers can transfer funds in and out directly, using just their account number and sort code, with automatic reconciliation built-in to ensure balances are updated in real-time. Furthermore, these accounts are connected to Faster Payments, BACS and CHAPS, allowing flexible usage by customers with varying use-cases.
RationalFX has seen immense client demand for these services and opened more than 10,000 virtual customer accounts in January alone.
ClearBank and RationalFX are connected exclusively using APIs. Operationally, this is the most efficient method to ensure high levels of low to no-touch processing. For RationalFX, this is also foundational – this technical architecture allows them to add products in the future easily, such as Cards, e-wallets among others, without disturbing the other products.
“Our clients expect us to uphold exacting product standards, therefore we needed a partner who could deliver not just innovative technology, but also tailor it to our specific needs,” said Bhavin Vaghela, Global Head of Strategic Partnerships at RationalFX. “ClearBank has helped us to dramatically improve our customer experience and operational efficiencies through a broader range of payments services. Now, through an API, we can open thousands of accounts at a touch of a button. This turbocharges the value we can add to clients on a daily basis and we look forward to working with ClearBank to further evolve our payment proposition.”
“The FX and international payment sectors are beset by technological inefficiencies. Segregating and managing customer accounts is just one of many issues facing firms like RationalFX,” said Charles McManus, CEO at ClearBank. “Through our work with major institutions in this space we have created and honed dedicated tools – like virtual accounts – to tackle these complex and thorny issues. Not only has this eliminated an enormous administrative burden, it has also improved the customer experience and helped RationalFX boost customer retention in an increasingly crowded market.”
About the Rational Group:
The Rational Group is a leading London headquartered group of companies involved in financial services and payment technologies. Founded in 2005 by Rajesh Agrawal, and Paresh Davdra, the group has processed more than £10bn in international payments since inception.
Companies that are part of The Rational Group include:
- RationalFX – A leading UK payments & foreign exchange provider, launched to facilitate businesses and private individuals to transfer foreign currency either through a currency specialist or online 24/7, at highly competitive rates.
- Xendpay – the world’s first Pay What You Want money transfer service, to democratise the global remittance industry and to help small businesses manage their international payment needs.
RationalFX is authorised by the Financial Conduct Authority (FRN: 507958) under the Payment Services Regulations 2009, for the provision of payment services. It is also a registered Money Service Business under the Money Laundering Regulation 2007 (MSB No. 12206957).
ClearBank is a purpose-built, technology enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.
Visit www.clear.bank for more information.
For Rational Group:
Bhavin Vaghela/ Sandra Mpouma
For ClearBank: CCgroup
Joshua Cobb/ Wilfred Collins
Why choose RationalFX?
Based in the heart of London’s financial district Canary Wharf, RationalFX has traded over $10billion in currencies across the globe. Take advantage of our competitive exchange rates, market expertise, suite of FX products and online payment platform when you make bank to bank transfers in over 50 currencies worldwide.
Whatever your reason for making overseas payments, we’re confident our currency specialists can save you time and money while providing peace of mind. Call our team now on: +44 20 7220 8181