UK money app Ziglu taps ClearBank for virtual bank accounts

London-based money app Ziglu has partnered with ClearBank to offer virtual GBP bank accounts to its UK customers.

Ziglu partners ClearBank

ClearBank says it is “providing agency banking services” to the firm and that its API and cloud-based solution has “bolstered” Ziglu’s banking and investment offerings.

The clearing bank will power Ziglu’s real-time processing and reporting for its GBP virtual accounts.

The firms say that the virtual accounts provide Ziglu customers with access to all UK payments schemes, including real-time payments via Faster Payments.

The partnership enables Ziglu to provide its customers with “safeguarded” accounts and remove third-party risk.

ClearBank claims its embedded banking platform has also improved operational efficiencies, allowing Ziglu customer teams to resolve missing or pending payment queries “significantly faster”.

Mark Hipperson, founder and CEO of Ziglu, says ClearBank offers his firm “all the security of traditional banking, along with the means to quickly adapt and satisfy our digital-native customer base”.

The two companies are also exploring extending the partnership to offer FSCS protected accounts to Ziglu’s customers.