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.
“As 3S Money continues to grow, it’s important for us to enhance our technological capabilities. A sophisticated banking partner like ClearBank, with its stability, connectivity and heightened technological support, enables us to further serve our business customers in 199 countries.”
Ivan Zhiznevskiy, CEO at 3S Money
“ClearBank are a great example of a FinTech bank," continued Ivan. "They have the best technology and infrastructure. They offer the best real-time payment and banking services capabilities we need from a partner, which is essential in supporting not only our customers’ international growth, but also our own.”
Charles McManus, ClearBank CEO said, “We’re delighted to be working with 3S Money to offer multicurrency accounts to their growing client base. This partnership marks the next step in our journey to make multicurrency solutions accessible to banks and FinTechs alike.
“As the number of multicurrency transactions occurring globally increase day-by-day, the work that 3S Money do to enable their customers to trade internationally is more important than ever. Our native API is perfectly positioned to support their scaling operations into new territories, and we’re particularly excited to support their expansion into the US market.”
To learn more about how 3S Money can help your business send, receive and exchange high-value payments in 199 countries, check your eligibility today.