Recognise Bank, a subsidiary of City of London Group and the UK’s latest SME bank, has chosen ClearBank to become its clearing bank.

“Alongside offering compelling rates to savings customers, our mission is to support SMEs – the backbone of our economy – and to make their banking experience better and easier to navigate,” said Jason Oakley, chief executive, at Recognise Bank. “Our partnership with ClearBank allows us to provide both our personal savings customers and our SME customers with the ‘always on’ product and services they deserve.”

The new partnership will see ClearBank provide account infrastructure and access to the UK’s payment schemes, including Confirmation of Payee.

“Recognise Bank is built differently,” said Charles McManus, chief executive, at ClearBank. “It is focused on supporting UK SMEs with a range of specialised financial products designed to address their specific needs, as well as help savers enjoy compelling rates, flexible products and the peace of mind that their money is always safe.”

McManus added: “Our next generation banking technology has played a key role in creating this compelling offering. In particular, it’s fantastic to see our CoP offering in action, doing exactly what it was supposed to do – dramatically reduce the risk of fraud for customers and give them peace of mind. We look forward to continuing to work with Recognise Bank over the coming months and years to further enhance its banking offering.”

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