Exclusive Interview with Manju Ganapathi, Chief Executive Officer of ClearBank
ClearBank at a Glance: The UK Clearing Bank Powering Real-Time Payments
ClearBank is headquartered in London, United Kingdom, and operates as a fully regulated clearing bank authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). Founded in 2015, ClearBank was created to modernise the UK’s clearing and settlement infrastructure by offering direct access to payment schemes without relying on legacy correspondent banking models.
Under the leadership of Manju Ganapathi, ClearBank has expanded its embedded banking capabilities, enabling fintechs, financial institutions, and regulated businesses to access Faster Payments, CHAPS, Bacs, and other schemes directly. The company’s technology-first approach positions ClearBank as a key infrastructure provider in the UK and Europe, particularly in the context of real-time payments and embedded finance.
Interview with Manju Ganapathi, CEO of ClearBank
Q1. What is the core mission of ClearBank?
A. At ClearBank, our mission is to transform clearing and embedded banking infrastructure. We enable regulated firms to access payment rails directly, securely, and efficiently.
Q2. Where does ClearBank operate?
A. ClearBank is headquartered in London and primarily operates in the UK, with European expansion underway to support cross-border infrastructure needs.
Q3. What licenses does ClearBank hold?
A. ClearBank holds a full UK banking licence, providing direct access to payment schemes such as Faster Payments and CHAPS.
Q4. What products define ClearBank’s offering?
A. We provide safeguarding accounts, virtual IBAN issuance, real-time settlement, API-based payment access, and embedded banking services for fintechs and financial institutions.
Q5. Does ClearBank issue IBANs?
A. Yes. We issue UK IBANs and provide client money safeguarding and account infrastructure through our APIs.
Q6. What payment schemes are supported?
A. Faster Payments, CHAPS, and Bacs in the UK, enabling real-time and batch processing.
Q7. How does ClearBank support SEPA or European payments?
A. We are expanding capabilities in Europe to support cross-border account-to-account flows, aligning with SEPA and real-time frameworks.
Q8. Who are ClearBank’s target clients?
A. Regulated fintechs, payment institutions, EMIs, banks, and financial platforms seeking direct access to clearing.
Q9. What is ClearBank’s compliance approach?
A. As a fully licensed bank, compliance and risk governance are core. We maintain strict AML, KYC, and safeguarding frameworks.
Q10. How long does onboarding take?
A. Depending on regulatory complexity, onboarding typically ranges from a few weeks to several months, including due diligence.
Q11. What documentation is required?
A. Corporate documentation, regulatory authorisations, business model disclosures, AML policies, and operational controls.
Q12. What technology underpins ClearBank?
A. We operate a cloud-native, API-first architecture designed for high availability and real-time processing.
Q13. How does ClearBank differentiate from traditional correspondent banks?
A. We eliminate intermediaries by providing direct scheme access and modern infrastructure, reducing cost and settlement risk.
Q14. What is ClearBank’s risk appetite?
A. We focus on regulated financial institutions and operate within a conservative risk framework consistent with our banking licence.
Q15. How does ClearBank approach embedded finance?
A. We provide the banking layer for fintech platforms, allowing them to embed accounts, payments, and safeguarding seamlessly.
Q16. What recent developments have shaped ClearBank’s strategy?
A. The growth of real-time payments and open banking regulation has accelerated demand for direct clearing access.
Q17. How does ClearBank view competition?
A. We operate alongside challenger banks and infrastructure providers but remain focused on wholesale clearing infrastructure.
Q18. How does ClearBank compare to Revolut and Monzo?
A. Those firms are consumer-facing banks. ClearBank is infrastructure-first, supporting institutions rather than retail clients.
Q19. What are the pricing principles?
A. Pricing reflects volume, scheme access, and operational scope. We focus on transparent, usage-based structures.
Q20. What is the roadmap for the next 24 months?
A. Geographic expansion, enhanced real-time capabilities, and further embedded banking APIs.
Q21. How does ClearBank handle safeguarding?
A. Client funds are segregated and safeguarded under strict regulatory oversight.
Q22. What role does open banking play?
A. Open banking APIs complement our clearing infrastructure, enabling regulated access and interoperability.
Q23. What is ClearBank’s long-term vision?
A. To become the leading infrastructure bank enabling real-time, embedded, and compliant financial services across markets.
Competitive Landscape
FAQ
Is ClearBank a fully licensed bank?
Yes, ClearBank holds a full UK banking licence.
Does ClearBank provide consumer banking?
No, ClearBank focuses on wholesale infrastructure and embedded banking.
Can fintechs access Faster Payments directly?
Through ClearBank, regulated fintechs can gain direct scheme access.
Conclusion
Under Manju Ganapathi’s leadership, ClearBank continues to modernise clearing infrastructure in the UK and beyond. By combining a full banking licence with API-native architecture, ClearBank positions itself as a foundational layer in Europe’s evolving real-time and embedded finance ecosystem.
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