ClearBank and Finseta Team to Simplify International Payments

Embedded banking provider ClearBank has launched a collaboration with foreign exchange (FX) and payments solutions company Finseta.

The partnership, announced in a news release Tuesday (Dec. 9) is designed to deliver agency banking services supporting British pound (GBP) and multi-currency (MCCY) accounts.

The partnership will see Finseta use ClearBank’s virtual IBAN technology to provide both GBP and MCCY wallets for its UK customers, letting them move money faster and more efficiently.

ClearBank’s real-time payment infrastructure, the release added, will support people and merchants who have complicated international payment and FX needs, while also letting them access additional currencies.

“This partnership marks an important milestone for both organizations. For Finseta, it strengthens its ability to unlock new segments and support clients in high-value international transactions and complex FX scenarios,” the release said. “For ClearBank, it represents another step in expanding its support for fintechs operating in the international payments ecosystem and its ability to facilitate real-time foreign currency payments.”

According to the release, the collaboration will initially serve Finseta’s customers in the UK, with the goal of eventually broadening the partnership to Europe. Finseta hopes the partnership will let it access SEPA payments rails to bolster its operations in Europe and expand its offering.

Elsewhere from the world of cross-border payments, a recent PYMNTS Intelligence report shows that consumer expectations around these transactions have shifted faster than many retailers’ payment strategies.

The report, “Going Global: How Payments Optimization Can Power an International Commerce Strategy,” found that many merchants continue to fall short in providing the speed, transparency and convenience that international shoppers expect.

“These gaps slow conversions,” PYMNTS wrote recently. “They also create an entry point for competitors with stronger payment localization strategies.”

The research points to findings that spotlight the scale of disconnect between merchant readiness and consumer demand.

For example, two-thirds of global eCommerce value was conducted through digital payments last year 2024, but 72% of merchants said they say higher payment failure rates for cross-border transactions than domestic ones. This failure rate can lead shoppers to abandon purchases after just a few tries.

In addition, 99% of cross-border shoppers “want to pay with their preferred local payment method, and 94% expect to pay in their own currency,” PYMNTS wrote. “The report shows that merchants who do not offer these options risk losing more than half of potential buyers.”