The partnership will enable 3S Money’s corporate clients to hold multiple currencies in their accounts and make faster, more flexible payments in USD, EUR, GBP and EEA currencies via ClearBank
’s API. This will enable them to launch local account capabilities, in order to scale faster into new markets, save time and increase their revenue. The partnership will also enable 3S Money’s clients to enable USD transactions, entering the American market for the first time.
Forecasted slow economic growth for 2022 and 2023 and ongoing COVID-19 recovery present a clear need for the partnership, which will support small to medium-sized businesses in scaling across borders. 3S Money and ClearBank are focused on easing the friction for these businesses around enabling cross-border payments, which typically include high costs, low speed, limited access and insufficient transparency. These prohibitive factors have historically made international expansion very difficult for mid-sized businesses, who are expected to operate consistently from one region to another, in line with customer expectations.
Founded in 2018, 3S Money has chosen to work with ClearBank to offer multicurrency payments and FX solutions because of ClearBank’s secure global infrastructure and access to regulated payment rails. ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.
Having reported 400% year-on-year growth in 2020, with ClearBank’s support, 3S Money aims to further expand its offering in future.