Project Overview
A UK challenger bank startup had received FCA authorisation with restriction (they could accept deposits but n...
Technology Stack
Compliance & Standards
The Challenge
A UK challenger bank startup had received FCA authorisation with restriction (they could accept deposits but not lend). They needed to build their digital banking platform: current account onboarding (UK GDPR-compliant KYC), Mastercard debit card issuance (via Marqeta programme manager), Faster Payments integration (via ClearBank), BACS direct debit, and a mobile-first React Native app. They had 8 months until their FCA authorisation would lapse if they did not launch. Budget: £280,000.
Our Approach
Compliant KYC Onboarding
- Electronic ID verification via Onfido (selfie + document — FCA-compliant CDD).
- PEP and sanctions screening (Dow Jones).
- Digital signature for account terms.
- FCA COBS (Conduct of Business) pre-contract information.
- Account opening journey optimised for FCA Consumer Duty — clear, no dark patterns.
ClearBank embedded banking API for
- sort code allocation, real-time Faster Payments inbound/outbound, BACS direct debit origination and collection, CHAPS for large payments, and account statements.
- ClearBank manages the Bank of England settlement account — no direct BoE access required.
Marqeta Card Programme
- Marqeta programme manager for Mastercard debit card issuance.
- Real-time transaction authorisation via Marqeta JIT (Just-in-Time) funding webhook: each transaction authorisation triggers a check of the account balance before approval.
- Apple Pay and Google Pay tokenisation.
React Native Mobile App
- Single codebase for iOS and Android.
- Biometric authentication (Face ID, fingerprint).
- Push notifications for transaction alerts (FCM, APNs).
- In-app card management (freeze/unfreeze, PIN change).
- Open Banking AISP view of other accounts via TrueLayer.
The Results
Launched to 500 beta users at 7 months — 1 month ahead of FCA deadline.
FCA Consumer Duty audit at 6 months: zero adverse findings.
KYC pass rate: 87% automated approval (13% referred for manual review).
Faster Payments: average settlement 8 seconds.
Beta NPS: 67 (industry benchmark: 30).
Funded Series A at £8.5M within 3 months of beta launch.
“The ClearBank integration is genuinely complex — the settlement mechanics, the Faster Payments timing, the BACS batching. Clickmasters got it right first time and we launched a month ahead of our FCA deadline. The Series A investors specifically cited the technical quality of the platform." — CTO, UK Challenger Bank (name withheld)”
Project Details
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