Exela Technologies, Inc. announced a new customer, ClearBank, an enabler of secure accounts, real-time clearing and embedded banking for financial institutions. Exela will provide its XBP(TM) platform and processing services, enabling connectivity to Pay. UK's interbank Image Clearing System (ICS).
XBP is the large revenue generator in the ITPS line of business, which generated $874.2 million in Fiscal Year 2021. The Pay.UK Image Clearing System will enable ClearBank to extend its agency banking services by adding an enhanced cheque processing solution to multiple banks and financial institutions. Exela is a market leader in banking solutions and services and using its in-house developed XBP platform as well as workflow and case management solutions is providing a wholistic clearing service to more banks than any other technology and services provider.
ClearBank, a newly created clearing bank, works with a range of financial institutions, and through its API enabled, cloud-based clearing offering, allows partners to offer fully regulated banking infrastructure and real-time clearing and payments to its customers.