The document summarizes the journey of a new UK clearing bank established in 2015, the first in over 250 years. It had low initial investment and utilized cloud technology from the start. Over time it has expanded the services offered to include real-time payments, deposit accounts, and banking services for over 70 clients by 2019. It plans to continue innovating and expanding services like FX payments and open banking platforms to meet the increasing demands of modern financial systems.

1. The UK’s first new clearing bank in over 250 years

2. • Low investment
• Low tech
• Low service levels
In 2015, the UK was processing:
£82 trillion
16 04
In 1960,
there were 16 banks
providing clearing services
In 2015,
there were
just 4
What’s the problem

3. Modern financial services
providers now require:
• Real-time payments
• Greater volumes of transactions
• Smaller sums processed more regularly
• Innovation
• Agility
What’s the demand?

4. Why build it on the cloud?
Scalability SafetyResilience

5. 2015
• Team built
• Banking Licence
received
• Customer owned
business/retail current
account
• Deposit accounts
• Multi-sort code support
• FI API
• Virtual account support
• DD collections
• FSCS protection
• FDPs and SOPs
The journey to date
2016 2017 2018 2019
• Real-time FPS
• Real-time CHAPs
• Nostro account
support
• Sort code provisioning
• Customers own BIC
• Customer portal
• BACS clearing
• Inception
03
Clients
30
Clients
70
Clients

6. Agency banking Banking-as-a-Service
• Euro Clearing
• FSCS protection
• Sanctions-as-a-Service
• Cheque Clearing
• Multi-currency Accounts
What’s next?
2017 2019 & beyond
• FX Payments
• Bulk Payment
Redirection Services
• CASS
• Platform-as-a-Service

7. Observations ……
• Cultural journey …
• Agile development ... Delivery versus Predictability … Trust … Integrated teams ...
• Promote fail fast ... Learn from mistakes
• High frequency of software releases
• Source of engineering talent
• The optimal technology operating model for cloud-based solutions
• The speed of technology advancement (e.g. multi-zone within Azure)
• Stay tight …