Payment service PingPong strengthens its international reach via collaboration with ClearBank.
ClearBank, a leading UK-based digital bank, and PingPong, a fintech company specialising in embedded cross-border payment solutions, have joined forces to enhance payment capabilities for enterprise businesses. The partnership aims to leverage ClearBank's scalable infrastructure as a gateway into Europe, enabling PingPong to replicate the benefits of its services across multiple markets.
The collaboration between ClearBank and PingPong has the potential for further European expansion, utilising ClearBank's European banking license. This partnership is a testament to PingPong's success in the cross-border payments business, as ClearBank has chosen to work with them as a trusted partner.
Both companies share a strategic goal of continued international growth, and ClearBank's expansion across Europe is expected to grow the partnership between the two companies.
Under the terms of the partnership, ClearBank will provide PingPong with access to its UK local agency banking services through an API-first, cloud-native platform. This enables PingPong to offer enterprise customers near real-time access to UK payment schemes such as Faster Payments, BACS, and CHAPS, as well as services including virtual business accounts, GBP collections, and Confirmation of Payee (CoP) checks, all under PingPong’s own brand identity.
This collaboration significantly enhances PingPong’s UK payment capabilities, allowing faster and more efficient settlement of transactions without intermediaries, which reduces fees and enriches remittance data. It also supports PingPong’s global expansion ambitions, particularly into Europe, leveraging ClearBank’s European banking license to scale cross-border payment services across multiple regions.
Key impacts of the partnership include:
- Near real-time payment processing for enterprises using UK payment rails.
- Issuance of virtual business accounts and IBANs under PingPong’s brand.
- Improved payment data quality and transaction control through direct scheme access.
- Cost-effective, secure, and efficient cross-border payment services.
- A strategic platform for PingPong’s accelerated expansion in the UK and Europe.
This partnership aligns with both companies’ strategic goals to simplify global commerce and reflects ClearBank’s role as a preferred embedded banking enabler for fintechs expanding internationally.
PingPong will utilize ClearBank's local agency banking solution to enhance its UK offering with virtual business accounts, GBP collections, and Confirmation of Payee (CoP) functionality. The direct access provided by ClearBank delivers richer data transmission, improved system interoperability, and greater control over transaction flows for PingPong's global enterprise clients.
ClearBank sees international markets as a priority for expansion, and this partnership is seen as a testament to the efficiency, reliability, and security of ClearBank's API-based services. PingPong, a preferred provider for major fintechs looking to enhance local payment capabilities across the UK and European region, will strengthen its mission to simplify global commerce by providing efficient, secure, and cost-effective payment solutions.
[1] ClearBank. (2021). ClearBank and PingPong Partner to Simplify Global Commerce. [online] Available at: https://www.clearbank.co.uk/news/clearbank-and-pingpong-partner-to-simplify-global-commerce/
[2] PingPong. (2021). PingPong Partners with ClearBank to Expand Cross-Border Payments. [online] Available at: https://pingpong.com/press/pingpong-partners-with-clearbank-to-expand-cross-border-payments/
Leveraging ClearBank's European banking license, this partnership between ClearBank and PingPong may lead to continued international growth in cross-border payments finance, particularly within the business and technology sectors. The collaboration is set to enhance PingPong's UK payment capabilities with near real-time processing, virtual business accounts, and cost-effective cross-border payment services.
With direct access to ClearBank's API-first, cloud-native platform, PingPong can provide its global enterprise clients with secure, efficient, and enriched remittance data, enabling faster and more efficient cross-border transactions, and strengthening its mission to simplify global commerce.
