Important news for clients:

We’ve moved banks…

Growth Lending is continuing to grow and as we look to identify ways to improve our offering to our valued clients, we have moved to a single, tech-enabled banking provider, Currencycloud

For further information, please download our guide.

What does this mean for you?

You will need to inform your debtors of the new bank details – your funding manager should have now shared this information.

We will work with you to ensure that there is no disruption to payment receipts.  Our existing bank accounts will remain open until the transition is fully complete and operational. 

Frequently asked questions

1. Why are we making the move to Currencycloud?

In the coming years, a New Payment Architecture (NPA) will be implemented in the UK, which will mean major changes to the UK payment infrastructure.

This will see the end of multiple payment methods, such as BACS, CHAPS and Faster Payments and a move towards a cloud-based, real-time payment system, which will not only streamline payments but also make them faster and more secure.

With this in mind and with a view to future-proofing service delivery for our clients, we are partnering with Visa-owned CurrencyCloud, a global operator of cloud-based payment technology.

This move will enable both Growth Lending and our clients to remain at the forefront of exciting technological system advancements.

2. How will this move benefit you?

  1. Better communication with your customers: debtors will be able to use the “payee confirmation” service to confirm your bank details, making working with us easier and in line with future regulatory requirements
  2. Improved pricing: integrating with an international specialist such as Currencycloud will enable us to offer improved pricing on foreign exchange services and receive a broader range of currencies
  3. Automation of processes: Currencycloud will integrate directly with our core systems and will remove a number of our manual processes, improving our transaction speed and reducing human error
  4. Enhanced security features: using a single provider improves our internal controls and overall security
  5. An expanded product range: we will be able to better support export trading, alongside offering confidential facilities

3. What will happen next?

We will provide you with a revised ‘Notice of Assignment’ featuring the new bank details.

You can then share this with your customers by email. 

4. How long will the existing bank accounts remain open for?  

The existing bank accounts will remain open for as long as is necessary.  We anticipate keeping them open for a minimum of six months to ensure all debtors are paying into the new account.

5. What currencies will we able to receive?

We are able to receive payments in GBP, USD & EUR.

6. Can Growth Lending provide IBAN details? 

Yes, your portfolio manager or funding manager can supply you with this information. 

7. What if I have concerns about the move?

Your portfolio manager or funding manager will be more than happy to take you through the process and answer any questions that you have.