The Archax exchange is reportedly designed specifically for institutions and built using existing, proven, resilient, scalable, high-performance exchange infrastructure, hosted in top-tier datacentre space, and integrated into the existing institutional trading workflow.
Role of ClearBank in the Partnership
Archax is focused on providing a compliant destination for institutions and professional investors to trade in digital securities. Archax will utilize ClearBank’s ‘Banking as a Service’ offering to access its wide range of API-based services, including seamless access to real-time payments services across BACS and CHAPS and 24x7x365 Faster Payments. Further, Archax clients will benefit from enhanced security as ClearBank ensures the protection of funds by holding them at the Bank of England.
ClearBank’s state of the art technology transforms the ability for financial institutions to provide Current Accounts to their customers, resulting in faster and more efficient payments, whilst delivering complete financial inclusion. The firm aims to create greater competition, transparency and leading edge technology in the banking market.
Comments from Both Firms
Matthew Pollard, CFO at Archax, states:
“We were looking for an institutional banking partner that would be able to scale with us as a business and handle the large size of transactions that institutional financial market exchanges need. ClearBank are clearly of that calibre and can offer us highly scalable real-time payments powered by their industry leading, technology architecture.”
Charles McManus, CEO of ClearBank added:
“As a likeminded, innovative disruptor to traditional financial services, we are thrilled to have been selected byArchax. We are looking forward to working together to help bring the Archax product to market by extending access to the UK payment schemes in a secure, scalable, reliable and efficient way”.