Finance Breaking news ClearBank to offer multi-currency accounts via JPMorgan API last financial news
Breaking-Finance.Com - ClearBank is to offer clients the ability to create multi-currency bank accounts via a an API-based connection to JPMorgan.
Breaking-Finance.Com - ClearBank is to offer clients the ability to create multi-currency bank accounts via a an API-based connection to JPMorgan. The move will provide customers with the ability to move funds between accounts with real-time foreign exchange pricing based on interbank rates. Client funds will continue to be held at ClearBank, which will act as a conduit to JPmorgan, providing access to multiple currencies, pricing, and execution all via an API.Jon Lloyd, head of FIG Sales Europe, at JPMorgan says: “APIs are becoming increasingly important to how we create a better customer experience.
.”Simon Jones, chief customer officer, ClearBank, says customers will benefit from increased liquidity, improved visibility into cash flows, and greater control as the need to transfer funds to third party accounts is removed. “Before, there were only two options for firms looking to help their customers hold and move multiple currencies," he says. "One, obtain multi-currency capabilities through an electronic money institution but miss out on the functionality of a fully-fledged bank account, or two, work with an established correspondent bank that isn’t API-fluent and lose time-to-market through arduous onboarding processes. With JPMorgan’s deep local currency market experience and ClearBank’s API-enabled products and services, this represents the best of both worlds.”
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