ClearBank EU

Overview

ClearBank is a leading open banking API and compliance platform available in two distinct instances: ClearBank EU and ClearBank UK.

This page focuses on ClearBank EU, which facilitates European transfers.

For international and instant payments, refer to ClearBank UK.

Default currencies

The following currencies are supported by the service provider:

Euro (EUR)

Although only EUR is supported, accounts are created as Real MCCY and Virtual MCCY types. Support for additional currencies is not available for this provider.

Prerequisites

An active financial services license is required to implement the integration. Contact your manager for additional details.

Website

https://clear.bank/

Products and services

Name	Supported (Yes/No)
Accounts	Yes
Virtual accounts	Yes
IBAN generation	Yes
Private accounts	Yes
Business accounts	Yes
Multi-currency Accounts	Yes (Only EUR is supported)
Mono-currency Accounts	No
SEPA Credit Transfer (SCT)	Yes
SEPA Instant (EUR-3)	Yes
Target2 (EUR-1)	Yes
SWIFT	No
Direct Debit (BACS, SEPA)	No
CHAPS (UK)	No
Faster Payments (UK)	No
BACS (UK), incoming only	No
ACH (Automated Clearing House)	No
Fedwire (Local USA payments in USD)	No
Intraday Payment (DKK)	No
FX orders and rates	No
Interledger	Yes
Refunds (incoming, outgoing)	Yes (incoming only)
Bank transfers (Dynamic payments)	Yes
Convert & Send	No
CoP (Confirmation of payee)	Yes
Provider dashboard	No

Additional information

The table below provides additional information about the services offered by ClearBank.

Service name	Description	Execution details
IBANs	The provider delivers an account opening service. An IBAN identifies the account of a customer at a financial institution and allows you to send cross-border transfers.	Locations ClearBank accounts can be opened for citizens of the following countries: EU (European Union) EEA (European Economic Area) Other countries not included in international sanctions lists
SEPA Credit Transfer (SCT)	Standard euro credit transfers within the Single Euro Payments Area (SEPA). SCT is used for non-urgent EUR payments between bank accounts participating in the SEPA scheme.	Currency: EUR Processing time: Up to several business days Availability: Business days only Suitable for regular, non-time-critical payments
SEPA Instant (EUR-3)	Instant euro credit transfers within the SEPA Instant Credit Transfer scheme. This service enables near-real-time EUR payments between participating banks.	Currency: EUR Processing time: Typically within seconds Availability: 24/7
European transfers (Target2)	The service provider supports TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) as the real-time gross settlement (RTGS) system for the euro. It is used by central and commercial banks to process large-value and time-critical payments in euros across the eurozone and beyond.	Currency: EUR

Cut off-times

Currency	Currency Code	FX Cut-off Time (Sameday)	FX Cut-off Time (Nextday/2 Days Time)	Multicurrency Payment Cut-off Time
Euro	EUR	14:30	22:00	14:30

The provided information is subject to change. Refer to ClearBank for up-to-date details: https://clear.bank/