Source: v3.co.uk

Phil Kenworthy – the ex- chief executive officer of CHAPS – has now joined the board of challenger bank ClearBank. CHAPS is one of the biggest payment networks in the United Kingdom. The former CEO of CHAPS is now joining the board of ClearBank, according to the filings with Companies House.

ClearBank is a bank for banks: CEO Nick Ogden

ClearBank is the first purpose-built clearing bank of the UK in 250 years. CHAPS is actually a payment network that provides same-day sterling settlement for large payments. CHAPS is generally used by businesses but now it is commonly used for property acquisitions in the country as well. Phil Kenworthy, who was the Chief Executive Officer of CHAPS from 2012 to 2015, started his career at the Bank of England.

According to the Chief Executive Officer of ClearBank, Nick Ogden, “ClearBank is a “bank for banks.” Nick Ogden is the founder of ClearBank as well. A report by news site Business Insider notes “The lender, which has not fully launched yet, will not offer any services to consumers, instead offering payment processing and core banking services to fintech startups, credit unions, building societies, and other challenger banks.” One of the main selling points of the startup bank is that it can process payments across all of the major payment schemes of the country – the UK – including CHAPS by making it a “clearing bank.”

ClearBank spokesperson confirms Kenworthy’s joining as non-executive director

In an interview to Business Insider, a spokesperson for ClearBank said that they can confirm that Phil Kenworthy has joined ClearBank as non-executive director. The spokesperson added, “We welcome him to the team!”

More about ClearBank – It is the second new member to sign up to CHAPS Direct Participants, following the decision of Bank of China Limited decision to join earlier in May. The latest addition brings the overall number of CHAPS Direct Participants to 26 with several more major institutions to join before the end of next year.

CHAPS and ClearBank have had a connection since May this year, when the CEO of ClearBank said, “ClearBank® is the first new clearing bank in more than 250 years, delivering full and direct access to all of the UK payments infrastructure. We started talking to CHAPS in 2015 as a key component of our strategy to open access and create competition. As the first bank to connect to all the UK payment schemes concurrently, CHAPS worked with us to agree an ambitious timetable which I’m delighted to say we have met. The support and commitment from the CHAPS teams ensured that we achieved this key business goal.”

In answer, the CHAPS CEO Tim Fitzpatrick, said “We are delighted to welcome ClearBank® to CHAPS as a shareholder and full Direct Participant. As the UK’s fifth clearing bank, ClearBank® delivers a new level of open competition and transparency to the UK financial services marketplace, meeting with CHAPS’ priorities and goals. We look forward to working closely with them as we continue to develop our service for the benefit of all our users.”

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