Today, ClearBank and Archax have announced their newly formed partnership. As Archax was preparing for the launch of their digital securities exchange in the latter half of 2019, they were in need of a partner for certain services.
These services range from custody solutions, to API services, and payment solutions. Each of these needs will be solved through ClearBank.
In their press release, representatives from both Archax and Clearbank took the time to comment on this development.
Charles McManus, CEO of ClearBank, stated,
“As a likeminded, innovated disruptor to traditional financial services, we are thrilled to have been selected by Archax. We are looking forward to working together to help bring the Archax product to market by extending access to the UK payment schemes in a secure, scalable, reliable and efficient way.”
Matthew Pollard, Founder and CFO of Archax, stated,
“We were looking for an institutional banking partner that would be able to scale with us as a business and handle the large size of transactions that institutional financial market exchanges need. ClearBank are clearly of that calibre and can offer us highly scalable real-time payments powered by their industry leading, technology architecture.”
Archax is a soon-to-be launched digital securities exchange. They are based out of London, England, and were founded in 2018 by Graham Rodford. In preparations for their upcoming launch, Archax has been busy in recent weeks, with various partnership announcements. Combined with the partnership discussed here today, Archax appears to be a well-rounded company, with a full suite of solutions and services for investors.
Launching in 2015, ClearBank became the first clearing bank to open in the UK in over 250 years. This feat was attained by founder Nick Ogden. In launching a new company, not tied down by ‘legacy’, ClearBank allows for ‘Financial services providers, FCA-regulated businesses and Fintechs to work with a purpose built and stand-alone clearing bank’.
Currently, company operations are overseen by CEO, Charles McManus.
In Other News
The UK has recently shown a bevy of development within the digital securities sector. Beyond the development discussed above, in recent weeks, we have seen both bank adoption and company acquisitions. Here are a couple of articles detailing events that have taken place in the UK in recent weeks.