By Aisling Finn on Thursday 28 January 2021
The new partnership will mean that many of Dozen’s customers will be able to make direct debits, standing orders and instant transfers for the first time.
New digital banking challenger on the block Dozens has teamed up with cloud-based clearing bank ClearBank to step up its current account offering.
As of today, Dozens will migrate over to ClearBank’s platform, enabling its customers to easily set up direct debits, standing orders and instantly transfer money.
Aritra Chakravarty, founder and CEO of Dozens, said: “Partnering with a clearing bank that would enable us to become more agile with payment processing was paramount to improving and scaling our current account proposition, bringing socially responsible banking to the masses and unlocking new benefits for our customers.”
“Helping fintechs grow is what we do best. We look forward to helping Dozens remain at the forefront of this banking industry shake-up and offer customers a better way to manage their money.”
ClearBank will provide new account numbers and sort codes to Dozens’ customers and provide direct access to payment networks, such as Faster Payments, via a single API.
“ClearBank is that perfect partner–not only does its technology provide fast, seamless access to the full UK clearing system, it was also founded on the idea of challenging a sector left unchallenged for 250 years.”
“As fintechs evolve, so do their banking requirements. More customers demanding more sophisticated functionalities creates a requirement for a flexible, technology-led, banking partner to truly help their businesses scale on-demand,” added Charles McManus, CEO of ClearBank.
The partnership means that for Dozens’ over 50,000 customers they will be able to make direct debits, standing orders and instantly transfer money for the first time.