Exela Technologies Adds ClearBank to its XBP™ Platform
Exela Technologies, Inc. (NASDAQ: XELA, XELAP) announced a partnership with ClearBank to provide connectivity to Pay.UK's interbank Image Clearing System (ICS) using Exela's XBP™ platform. This collaboration will enhance ClearBank's capabilities in cheque processing, allowing it to extend agency banking services to multiple financial institutions. Exela's ITPS line generated $874.2 million in revenue in FY 2021, with XBP being the primary revenue driver. ClearBank's CEO expressed optimism about the partnership's potential for innovation and user experience enhancement.
- Partnership with ClearBank enhances Exela's service offerings.
- XBP™ platform is the largest revenue generator in the ITPS line, indicating strong demand.
- ClearBank's connection to Pay.UK ICS expands its cheque processing capabilities.
- None.
- Enablement allows ClearBank connectivity to Pay.UK’s ICS
IRVING, Texas, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA, XELAP) today announced a new customer, ClearBank, an enabler of secure accounts, real-time clearing and embedded banking for financial institutions. Exela will provide its XBP™ platform and processing services, enabling connectivity to Pay.UK’s interbank Image Clearing System (ICS). XBP is the largest revenue generator in the ITPS line of business, which generated
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.
"We’re delighted to be working with Exela, and expanding and enhancing our product offering to include a cheque processing solution, through the Pay.UK ICS scheme. It’s important for us that we work with partners who share our values around enhancing user experience and embracing innovation and working with Exela allows us stay true to that ambition. We’re excited to see how the partnership evolves and where it will take us,” said Charles McManus, Chief Executive Officer at ClearBank.
“We are proud to work with the first new clearing bank to be created in the UK in over 250 years. We are also pleased that ClearBank selected Exela’s XBP platform for its digital journey,” said Vitale Robu, President of Exela EMEA.
About ClearBank
ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking license and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.
ClearBank is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).
Visit www.clear.bank for more information.
About Exela Technologies
Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over
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Investor and/or Media Contacts:
Vincent Kondaveeti
E: vincent.kondaveeti@exelatech.com
Mary Beth Benjamin
E: IR@exelatech.com
FAQ
What is the significance of Exela's partnership with ClearBank regarding Pay.UK ICS?
How much revenue did Exela's ITPS line generate in FY 2021?
What does the XBP platform do for Exela Technologies?
