Clear Junction Collection Accounts are tailored for Financial Institutions dealing with account receivables. These include PSPs and iPSPs, eWallets, remittance services etc. Collection Account offers a convenient facility for inbound transfers in EUR via SEPA and in GBP via FPS, BACS and CHAPS in the UK. Reported activity data include the following options:

Automated notifications
An automated notification issued upon receipt of a transfer
Periodic transaction reports
Periodic transaction reports detailing current balance and transfer details: sender and beneficiary account information, amount, currency, fees, date etc
Manual online transaction view and report export
Manual online transaction view and report export via an interactive Web interface

When combined with the Clear Junction IBAN Issuance service, the Collection Account can be used for accumulating inbound transfers routed to multiple IBANs opened in the names of the customers of the Account owner. For example, an eWallet service may issue individual IBANs to each of its customers and enable them to receive inbound transfers using the Collection Account. Similarly, a remittance company receiving inbound payment stream from its customers via bank transfers may issue a unique IBAN to each of them ensuring ease of reconciliation.

Key benefits:
  • Ease of reconciliation;
  • Notifications and reports via APIs;
  • Access via SEPA (EU) and British schemes (FasterPayments, BACS, CHAPS).
Services used:

Payment account, IBAN Issuance