POWER YOUR BUSINESS WITH ACCOUNT SOLUTIONS
Clear Junction offers a wide range of account solutions with different functions and mechanisms to serve a financial institution’s exact requirements. Whether it is multi-currency physical accounts or virtual accounts, our accounts enable businesses to send and/or receive monies, streamline treasury services, increase efficiencies and reduce costs.
Our accounts solutions include correspondent accounts, current accounts or collection accounts. We have also developed an escrow account solution that minimises risks between counterparties engaged in a transaction. Ultimately, whichever account solution best serves your requirements, we are confident it will enable you to access previously untapped markets and improve your customer offering.
Clear Junction correspondent accounts are the cornerstone of our client offering and are designed for use by regulated financial institutions. The main purpose of a correspondent account is to enable businesses to hold and maintain a monetary balance in their own name and keep customer funds separate.
The correspondent account is suitable for GBP and EUR payments and can be connected to multiple payment rails, including BACS, CHAPS, Faster Payments and SEPA. They work as an essential tool for those wishing to make and receive payments in domestic currencies and access many of the other solutions that Clear Junction offers.
Our correspondent accounts can maintain balances in multiple currencies and access to them is supported through our API or online banking portal.
The main purpose of a Clear Junction current account is to enable businesses to perform transactions seamlessly. More specifically, our current accounts are designed for use by corporate customers who want to make administrative payments on a regular basis.
The current account is suitable for GBP and EUR payments and can be connected to multiple payment rails, including BACS, CHAPS, Faster Payments and SEPA. Put simply, every business uses a current account to perform day-to-day activities, such as paying rent for office workspaces, office supplies, consultant wages and employee salaries.
Financial institutions usually have separate accounts for these types of payments, so it is entirely possible that if you utilise a Clear Junction current account, you would also benefit from accessing a different type of account besides this one.
The main purpose of a Clear Junction collection account is to collect receivables from customers. This type of account is specifically designed for financial institutions, including digital currency exchanges.
The collection account is suitable for GBP and EUR transactions and can be connected to multiple payment rails, including BACS, CHAPS, Faster Payments and SEPA. In addition, in some circumstances it is possible to connect collection accounts to USD payouts and collections services.
Collection accounts work in conjunction with virtual IBANs to streamline the process of making payments to multiple customers.
CLIENT MONEY ACCOUNT
The main purpose of a Clear Junction client money account (also known as an eMoney account) is to handle financial transactions for your customers. This type of account solution has been specifically designed for use by marketplaces and is only open to those business types.
The client money account is suitable for GBP and EUR transactions and can be connected to multiple payment rails, including BACS, CHAPS, Faster Payments and SEPA. In some instances, it is possible to add foreign exchange and internal transfer capabilities, depending on the requirements of the particular client.