Clear Junction Collection Accounts are tailored for Financial Institutions dealing with account receivables. These include PSPs and iPSPs, eWallets, remittance services etc. Collection Account offers a convenient facility for inbound transfers in EUR via SEPA and in GBP via FPS, BACS and CHAPS in the UK. Reported activity data include the following options:
When combined with the Clear Junction IBAN Issuance service, the Collection Account can be used for accumulating inbound transfers routed to multiple IBANs opened in the names of the customers of the Account owner. For example, an eWallet service may issue individual IBANs to each of its customers and enable them to receive inbound transfers using the Collection Account. Similarly, a remittance company receiving inbound payment stream from its customers via bank transfers may issue a unique IBAN to each of them ensuring ease of reconciliation.
- Ease of reconciliation;
- Notifications and reports via APIs;
- Access via SEPA (EU) and British schemes (FasterPayments, BACS, CHAPS).