LONDON — The former CEO of one of the UK’s biggest payment networks has joined the board of challenger bank ClearBank.
Filings with Companies House show that Phil Kenworthy, the former CEO of CHAPS, has joined the board of ClearBank’s the UK’s first purpose-built clearing bank in 250 years.
CHAPS is a payment company that offers same-day sterling settlement for large payments. It is typically used by businesses but is also commonly used for property purchases in the UK. Kenworthy, who started his career at the Bank of England, was CEO of CHAPS from 2012 to 2015.
ClearBank is a “bank for banks,” according to founder and CEO Nick Ogden. 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 startup bank’s key selling points is that it can process payments across all of the UK’s major payment schemes, including CHAPS, making it a so-called “clearing bank.”
A spokesperson for ClearBank told Business Insider: “I can confirm that Phil Kenworthy has joined ClearBank as non-executive director. We welcome him to the team!”
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