ClearBank, which provides real-time clearing and embedded banking, has rolled out a new unified reconciliation platform.

The technology, developed by AutoRek, handles both transactional and cash reconciliation across multiple payment schemes, enabling real-time visibility and reporting.

ClearBank has adopted the platform after its transactions grew by 55 per cent in 2024.

The bank said the platform will enable it to transform its financial operations infrastructure, moving from time-consuming processes to rapid configuration of complex reconciliations.

Through the platform, ClearBank said it can continue scaling its banking infrastructure and achieve new levels of operational efficiency in the digital banking landscape.

Richard Draper, head of finance operations at ClearBank, said that as the company continues to scale it needed a reconciliation platform that will keep pace with its volume of transactions while providing flexibility, control, and speed to market.

He explained that most tools are either strong on transactional reconciliations or on balance substantiation, but that its new platform does both and is integrated seamlessly into its Microsoft Azure-first strategy.

Launched in 2017, ClearBank provides an API to financial institutions for regulated banking infrastructure and real-time clearing access.

It serves clients such as Revolut, Tide, Chip, TrueLayer, Coinbase, Raisin and Airwallex.
The bank has expanded into 15 European markets in the past year, with group fee-based income having increased 63 per cent to £53.3 million in 2024.

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