About Us
Mission
More about confluence.
confluence has an experienced management team seeking to disrupt the existing Clearing Bank sector in the UK
The existing market is dominated by the traditional banking sector utilising outdated technologies and focused on traditional payment methods.
Payment transaction volume growth owing to:
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Shift to online
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Reduction in cheque usage
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Reduction in cash usage
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Increase in Faster Payments
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Compound Annual Growth Rate of 4% in transactions
Despite this, in the market, there is a lack of competition as only two new Clearing Banks in 250 years have been established and consolidation has reduced choice. Furthermore, legacy processing systems are unable to cope with new regulations, risk and payment methods, and, costs in the existing system are too high and restrict utilisation (first reported by Cruickshank in 2000).
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Consequently, there is a need for a new data-driven clearing bank in the market that will deliver high availability, multiple payment methods and different forms of transactions to the market in a low-risk, regulated and dynamic environment.
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Reduced costs for Financial Institutions
confluence believes it can reduce payment transaction fees and interchange charges by 50% across the system and generate an operating margin at a scale of 60%.
Dynamic and seamless upgrades
Upgrades, new products, services and features can be added at speed and rolled out across the company’s entire client base
Transactions from around the world
confluence will be able to process most types of electronic payment transactions from anywhere across the world and will provide direct debit schemes, governmental payments, payroll, supply chain settlement, CREST (share) payments, foreign exchange and drive income through its platform which will operate on a relatively fixed cost basis at scale.
Our Mission
We Aim to Build a Better World
By designing a banking platform in the cloud, confluence will be able to offer existing banks (or new challenger banks), a working current account for their customers which, on a daily basis, analyses the income and expenditure through each account.​
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With the account holder’s permission, confluence’s software will make useful, cost-saving and life-enhancing suggestions including but not limited to analysis of mortgage and loan affordability driving product sales to account holders.
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Dynamic banking will enhance people’s lifestyles, generate activity in the marketplace and confluence will be able to derive remuneration for many aspects of the transactions undertaken, whilst its clients (banks) will be able to differentiate their offerings and reduce account holder (service) acquisition costs.
