ClearBank® is neutral, independent and is not constrained by legacy infrastructure.
Our state of the art technology transforms the ability for financial institutions to provide Current Accounts to their customers, resulting in faster and more efficient payments, whilst delivering complete financial inclusion.
ClearBank® was conceived in 2014, following a chance conversation around market access. The conversation centred around the fact that numerous papers since the 2000 Cruickshank report have highlighted the need for structural market reform. In the 1960s there were 16 banks providing clearing services.
Since then considerable consolidation has occurred. Moreover, the arrival of the Internet in 1994 and the subsequent shift in access to financial services has identified new challenges and opportunities. E-commerce is an obvious example.
ClearBank® is built on a state-of-the-art platform specifically designed for clearing services, connected to all UK payment schemes and designed in accordance with ISO 20022. Free from the constraints of years of legacy IT infrastructure, we are transforming the agency bank experience.
We will commence offering services in Q3 2017, after more than three years of planning, development, testing, regulatory approval, and building the ClearBank® team to support all our customers.
ClearBank®’s mission is to deliver open competition, transparency and leading edge technology to the banking market.
ClearBank® was conceived more than three years ago. We wanted to create open competition in agency banking to radically change and improve market dynamics for financial services providers, FCA-regulated businesses and fintechs.
The revolution that the banking market clearly needs, can only truly be unlocked by a new clearing bank. One without the problems associated with legacy architecture and without operational reliance on any other bank.
That’s why we built ClearBank®.
An entrepreneur with over 30 years’ experience in banking, payments and fintech, Nick Ogden is the founder of ClearBank® and the bank’s Executive Chairman.
Prior to ClearBank®, Nick founded and led a number of other companies. The most notable of these is WorldPay, which he founded in 1997. The first internet payment service to guarantee transactions worldwide, Nick helped WorldPay grow to over 270 employees, 20,000 customers across 120 countries and e-commerce transactions in excess of $2billion per year. The company was acquired by The Royal Bank of Scotland in 2002. Nick also founded Multi Media Investments Limited, a research and development company, in 1993, and Voice Commerce Group, the UK’s first non-bank payments institution, in 2009.
Nick has been recognised for a number of industry awards including: The UK Ernst and Young Entrepreneur of the Year Award, the Computer World Global IT Leaders award, the ID People Awards and the National Business Awards UK Entrepreneur of the Year.
An experienced international banking professional with over 30 years’ in global investment banking, wealth management and retail banking, Charles McManus is ClearBank®’s Chief Executive Officer & Executive Director.
Prior to joining ClearBank®, Charles was the Group CFO of RBS Ulster Bank Group until 2013, before which he spent 13 years with The Royal Bank of Canada (RBC). His time with RBC culminated in a role as CFO of Europe and Asia and Global Head of Product Control.
A finance professional with over 25 years’ experience in financial services including payments, retail, business and corporate banking, Marc Jenkins is ClearBank®’s Chief Finance Officer & Executive Director.
Prior to joining ClearBank®, Marc has held a number of senior finance roles, including recently Director, Financial Performance, Planning & Analysis at the Co-operative Bank and before that, Finance Director for Business Banking, Real Estate Finance and Corporate & Commercial at Royal Bank of Scotland. During his time at RBS, Marc was also a director of SME Investments Ltd. Prior to RBS, Marc held a number of roles with MasterCard, including Finance Director, UK & Ireland.
An experienced finance professional, Shonaid Jemmett-Page is ClearBank®’s Senior Independent Director and Chair of both Audit and Remuneration Committees.
In addition to her role at ClearBank®, Shonaid currently holds a number of non-executive appointments. These include Deputy Chairman of MS Amlin plc and non-executive director of GKN plc where she serves as Chairman of the Audit Committee and is a member of the Remuneration and Nominations Committees. She is also non-executive director of Caledonia Investments plc and a member of the Governance, Nomination and Remuneration Committees. Previously, Shonaid also served on the Close Brothers plc board.
An experienced senior retail and commercial banker with more than 35 years’ experience with The Royal Bank of Scotland, Graeme Smith is ClearBank®’s Independent Non-Executive Director and Chair of Risk Committee.
Prior to joining ClearBank®, Graeme led the RBSI and NatWest Corporate Banking teams in Jersey and Gibraltar, serving small, medium and large corporates across all business sectors as well as international trust and fund clients.
Graeme is also currently a Non-Executive Director of Triton PE.
A corporate finance executive with 35 years’ experience in senior financial services roles, Stan Spavold is ClearBank®’s Investor Director.
In addition to his role at ClearBank®, Stan is currently acting as Executive Vice President of the holding company CFFI Ventures, a company with $2 billion dollars under active management.
A finance professional with many years’ experience as a director of financial services companies, Mel Carvill is ClearBank®’s Investor Director.
In addition to his role at ClearBank®, Mel has been a member of PPF Group's executive team since 2009 and a member of Home Credit B.V.’s Board of Directors since 2012. He is also currently an Aviva Life UK Board Member and chairs the Risk Committee. He serves as a director for several financial services companies operating in North America, Europe and Asia.
There are currently seven directors on the Board of ClearBank® Limited including the Executive Chairman, the Independent Directors and the Investor Directors.
The Board recognises that exemplary standards of Corporate Governance throughout the ClearBank® Group are essential for the delivery of the company's strategic objectives, regulatory standards, shareholder value and long-term protection for employees and other stakeholders. It is recognised that good governance should emanate from the Board but should disseminate through the entire organisation, being reflected in its culture, committees, policies and procedures in order to drive business development in a prudent and pragmatic manner, in line with ClearBank®'s business plan. The Board’s terms of reference include a formal schedule of matters specifically reserved for the Board and are reviewed at least annually.
At the highest level the Board is responsible for the governance of the bank, in order to monitor ClearBank® risk appetite, operating framework, systems and controls and compliance as set out by regulatory bodies and codified by ClearBank. In order to provide effective oversight and leadership, the Board has established a number of Board Committees with specific responsibilities.
The Board Risk Committee, responsible for the Bank’s risk framework is chaired by Graeme Smith, an Independent Director. Similarly, the Board Audit Committee, chaired by Shonaid Jemmett-Page, the Senior Independent Director, is responsible for oversight of the integrity of the bank’s financial statements and the performance of the Internal Audit Function.
Other Board Committees such as the Nominations Committee and Remuneration Committee are currently being established.
The Board is also supported by the Executive Committee (“ExCo”) which is the highest form of executive corporate governance with a number of sub-Committees reporting into it. Its monthly meeting then reports up to the Board and each executive is responsible for compiling departmental reports to the Board Risk Committee and Board Audit Committee. As with the Board Committees, ExCo Committees will continue to develop as ClearBank® achieves it growth objectives.
Intellectual Property and Trademarks
Internet Intellectual Property
All other retail banks and financial service providers must rely on clearing banks to provide access to the UK payments infrastructure.
ClearBank® has created a new kind of agency banking, which stands to benefit most financial services businesses in the UK.
Operating a Current Account service is complex and expensive. Connecting to the various payments schemes' technology and resources is still a significant challenge, ClearBank® has addressed these to transform the ability of its clients to deliver new services to their customers.
We believe that banking market revolution can only truly be unlocked by a brand-new clearing bank. A bank without the challenges associated with legacy architecture, one without operational reliance on any other bank, one with new operational efficiencies and customer standards.
That is the ClearBank® difference
ClearBank® operates on a standalone basis and has no operational reliance on any other bank.
ClearBank® holds and maintains its own capital, in accordance with rules set-out by the PRA and in compliance with international regulations stipulated by Basel III.