Starling Bank, the UK mobile-only and infrastructure bank, has joined the Railsbank Platform as a partner to issue UK bank accounts and give access to UK Faster Payments through the Railsbank Open Banking API.
Railsbank is the open banking and compliance technology platform that gives businesses access to global transaction banking through 5 lines of code via a network of partner banks.
With Starling Bank as a partner, the Railsbank Open Banking Platform and API enables regulated and un-regulated firms to:
Test UK FasterPayments works with real money and real IBANs in under an hour using Railsbank PLAYLive.
Go live with UK FasterPayments and own sort code / IBANs in under 10 days using Railsbank LIVEAccount.
Railsbank is excited to work with Starling Bank because of a shared vision of Open Banking APIs and their deep understanding of wholesale transaction banking and payment scheme access.
The benefit to customers of the Railsbank Platform is that they can now issue UK bank accounts (IBANs) in real time for their end-users and send/receive money instantly over UK Faster Payments.
Starling Bank became a Railsbank partner to allow their customers to grow globally via the Railsbank partner bank network as well as their 21st century Compliance Firewall technology embedded into the Railsbank platform.
COO and co-founder of Railsbank Clive Mitchell said: “We are delighted to be partnered with Julian and the team at Starling and to be one of the first aggregator platform live on Starling. It shows that our partner bank network is growing quickly, and that wholesale open banking with APIs is a reality.
COO of Starling Bank Julian Sawyer said: “We are excited to partner with Railsbank. Starling and Railsbank are focused on technology enhancements that deliver a better compliance and business solution for their customers and deliver the full impact of Open Banking.”
Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank is a global banking and compliance platform that gives companies access to wholesale banking services in 5 lines of code. Railsbank turbo-charges the scaling of businesses by massively reducing the time and complexity of opening bank accounts, streamlining technical integration with banks, enhancing banking functionality with core Railsbank services; and enabling both parties to have a trusted compliance relationship. Awarded the FinTech50 2017, winners of the Simmons & Simmons FinTech Fund in 2016 and Startup Pitch winners at Paris FinTech Forum 2017, Railsbank was also the “Startup-in-Residence” for the 2016 Startupbootcamp FinTech 2016 Cohort.
About Starling Bank
Starling Bank Limited was founded in 2014 and granted its licence in July 2016 by the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Starling Bank is a mobile only bank offering current accounts within the UK. Starling Payment Services is a new division within Starling Bank, focused on providing payment solutions to organisations. The division is run by Julian Sawyer, Starling Bank’s Chief Operating Officer. Starling Bank offers connectivity to all the main payment schemes within the UK, which include Faster Payments, BACS and Master Card Issuance