Oxbury, which focuses exclusively on farm and food production clients in the U.K., will combine its agriculture and FinTech expertise with ClearBank’s API and Banking-as-a-Service tech to aid businesses in post-COVID-19 recovery.
By using specific lending and savings products manufactured through its propriety OxP banking platform, the press release states the end result of the partnership will be to facilitate real-time payments for Oxbury customers.
Oxbury CEO James Farrar said the partnership “marks another step towards the launch of Oxbury to the wider market.”
“Through ClearBank’s next generation banking solutions we can now access the UK payment schemes which is another step in us realising our goal of becoming the go-to bank for farmers, food producers and the rural economy,” he said, according to the release.
The new flagship product, Oxbury Farm Credit, will attempt to modernize the old ways of overdrafts and trade finance. Instead of the old practice where farm businesses had to fund inputs months or years before any income came in, Oxbury Farm Credit utilizes a dashboard and payments platform to give those businesses a revolving credit account. That lets them manage and arrange cashflows to suit their individual needs, the press release says.
The OxP platform uses next-generation API to power UIs and ensure passwordless multi-factor authentication, also teaming with the cloud-based ClearBank infrastructure.
ClearBank CEO Charles McManus said Oxbury was fulfilling a “vital” need by “providing the agricultural community with a focussed and trusted banking provider.”
“We’re really pleased to have been selected by Oxbury and look forward to a long-term relationship, helping to support the needs of British farmers and the rural economy,” he said, according to the release.
Oxbury got its license in February, with a goal toward providing farmers with banking services like loans, as farmers’ needs change depending on the season and could use specific types of help at different times of the year.