ClearBank, a leader in real-time clearing and embedded banking, has partnered with small business credit card provider Capital on Tap to introduce a new embedded banking solution. This collaboration enables Capital on Tap to offer integrated business savings accounts within its existing user portal.
The newly launched business savings accounts will be accessible to both new and existing Capital on Tap customers. Businesses can take advantage of competitive interest rates on their savings, along with the added security of FSCS protection for eligible deposits.
Customers will be able to open a business savings account through the existing Capital on Tap portal, providing a seamless user experience. This gives customers the flexibility to deposit funds from their nominated bank account and earn daily interest, with the peace of mind that they can instantly withdraw the funds when they need them.
The solution exemplifies ClearBank’s innovative approach to embedded banking, enabling small businesses to streamline their financial management in a secure manner. ClearBank’s business model ensures that all UK deposits are held with the Bank of England.
ClearBank and Capital on Tap started discussions in 2023, before agreeing heads of terms and beginning the implementation in April 2024. Following initial beta testing in October 2024, the savings accounts are now live for Capital on Tap customers, therefore making this the quickest embedded banking service ClearBank has brought to market. The companies are now in discussions about developing future solutions, that would further enhance Capital on Tap’s offering to its SME client base.
Alex Miles, Chief Operating Officer, Capital on Tap, said: “As UK small businesses face growing pressures, we prioritised launching a high-interest savings solution to help our customers build financial security. We chose ClearBank as our partner for their proven track record in embedded banking and FSCS-protected savings accounts. Their understanding of our requirements enabled us to integrate these accounts in just over 6 months, accelerating our vision of becoming a comprehensive financial hub for SMEs. ”
John Salter, Chief Customer Officer, ClearBank, said: “In integrating secure and reliable savings accounts into Capital on Tap’s portal, we have been able to demonstrate ClearBank’s growing embedded banking capability, enabling the company to expand its customer offering without compromising its seamless user experience. The external landscape and need for quick turnaround times have demanded the combination of innovation and security that ClearBank was created to deliver. We are delighted with the results and hope to use this as a basis for further collaboration in the future.”
