Ziglu Launching Virtual GBP Bank Accounts Through ClearBank Partnership

Cloud-based clearing bank ClearBank has teamed up with U.K.-based electronic money institution and cryptocurrency asset firm Ziglu to launch virtual GPB accounts, according to a Tuesday (June 7) press release.

ClearBank technological infrastructure, regulated payment rails and treasury management service power Ziglu’s real-time processing and reporting for its GBP virtual accounts, using API and cloud-based solutions, which allows for products to be modified at speed in a live environment, per the release.

The virtual accounts provide Ziglu customers with access to all the U.K. payments schemes, including real-time payments via Faster Payments. ClearBank’s embedded banking platform will allow Ziglu customers to resolve payment-related issues faster.

ClearBank’s platform gives Ziglu’s customers safeguarded accounts, removing third-party credit risk, the release says. Payments are cleared in-house and funds, which are held at the Bank of England, are not used for investment purposes.

“Ziglu represents all that is exciting about FinTech and finance today,” ClearBank CEO Charles McManus said in the press release. “With a keen sense of what their banking, investment and crypto customers will want to see next, Ziglu is perfectly poised to continue growing in 2022 and beyond.”

Ziglu and ClearBank are working together on a future phase of the partnership to offer FSCS protected accounts to Ziglu’s customers, per the release.

“Ziglu will continue to champion the ClearBank platform,” Mark Hipperson, founder and CEO of Ziglu, said in the release. “The improvements we’ve been able to deliver to customers through ClearBank have had a remarkable effect on user satisfaction.

“ClearBank offers us the best of both worlds — all the security of traditional banking, along with the means to quickly adapt and satisfy our digital-native customer base,” he said.

Related: Robinhood to Acquire Crypto Asset Platform Ziglu

In April, stock and cryptocurrency exchange Robinhood signed an agreement to acquire Ziglu, noting in a blog post that Ziglu allows U.K. customers to buy and sell 11 cryptocurrencies, earn yield via its Boost products, pay using a debit card and move and spend money around the world with no fees.

“Like Robinhood, Ziglu believes that the new era of digital money brings a multitude of opportunities, and Ziglu exists to make those opportunities accessible to everyone,” the blog post says. “Their talented team and technology will help us accelerate our international expansion, both in the UK and across Europe.”

Earlier this year, Robinhood announced plans to open its cryptocurrency platform to customers around the world.