ClearBank is seeing its payment processing time decrease 80% after integrating AI.

The Bristol, U.K.-based clearing agency and banking platform operates entirely in the cloud and has been exploring AI use cases for the past year, a spokesperson told Bank Automation News.

ClearBank in December announced that its cloud-native banking solution is now available to customers who use Microsoft’s AI-enhanced Azure, the spokesperson said. The API-enabled platform can process 30 million payments a month, according to the financial institution.

Prior to integrating AI, ClearBank processed 8,000 payments per month, according to the company, which serves more than 220 financial institutions.

ClearBank competitor the Bank of England processed 4.4 million payments last month, according to the $1.16 billion Bank of England’s website. Bank of England serves the U.K. government along with more than 100 overseas financial institutions.

The U.K. has strict requirements for supporting clients trying to recover money, including a turnaround time of two working days, Phil Rivers, U.K. chief operating officer at ClearBank, said in a statement, adding that AI can review documents, such as financial claims, much faster than human analysts.

“Plus, the faster a valid claim is passed on, the more time our clients have to process it and chase down the money, which improves recovery rates,” he said.

ClearBank has said it plans to expand into the European Union, with AI initiatives at the forefront of its business.

Bank clients using ClearBank’s payments platform include:

• $7.8 billion Nomo;
• $871.5 million Oxbury; and
• $68.2 million Monument Bank.

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