E-Clear

E-Clear was a British payment-processing company formed in 2002 and based in Mayfair, in the City of Westminster. It provided merchant accounts that enabled businesses to accept credit-card payments, with its activities particularly associated with the United Kingdom travel sector. The company operated in Britain while being owned by a parent company registered in Cyprus. Its chief executive, Elias Elia, was a Greek Cypriot. E-Clear's corporate relationships included links with the banking and card-processing sectors. In 2007, Deutsche Bank announced that it was ending its card-processing agreement with the company. Following the loss of that arrangement, E-Clear pursued an ownership position in NordFinanz, a small loss-making bank based in Bremen, Germany. By 2009, E-Clear had acquired 97 percent of NordFinanz's shares. The stake was sold in 2010. The company entered administration in January 2010. BDO, the accounting firm appointed as insolvency administrator, took control of the business and examined its books after the collapse. E-Clear's board included Elias Elia, Derek Tullett and Sir Edward du Cann. The available reference material does not establish a continuing operating business, successor brand, current owner, or surviving website, so the company is treated as defunct.

E-Clear was established in 2002 as a British payment processor. Its core service was the provision of merchant accounts, allowing commercial customers to accept credit-card payments. The company developed a particular specialization in the United Kingdom travel industry, where payment processing and merchant acquiring were important to businesses taking bookings and other customer payments. Although E-Clear was based in Mayfair, City of Westminster, its ownership structure was international: the parent company was registered in Cyprus, while chief executive Elias Elia was a Greek Cypriot. The company's board also included businessman Derek Tullett and Conservative politician and former minister Sir Edward du Cann, alongside Elia. A significant change came in 2007, when Deutsche Bank announced the termination of its card-processing agreement with E-Clear. After that relationship ended, E-Clear began acquiring shares in NordFinanz, a small loss-making bank headquartered in Bremen. The investment developed into control of the institution; by 2009, E-Clear held 97 percent of NordFinanz's shares. The holding was not permanent, however, and E-Clear sold its stake in 2010. The same year marked the collapse of E-Clear's operating business. In January 2010, the company was placed into administration. BDO was appointed to take control and carry out an examination of the company's books as part of the insolvency process. The available reference material does not provide a detailed account of the company's financial condition, the final outcome of the administration, or any successor organization. On the documented record, E-Clear is therefore best understood as a defunct British payment-processing company whose business ended in administration in 2010.

• 2010

  NordFinanz stake sold

  [1]E-Clearen.wikipedia.org

  E-Clear sold its holding in NordFinanz.

• 2010

  Company entered administration

  [1]E-Clearen.wikipedia.org

  E-Clear entered administration in January, with BDO taking control and auditing its books.

• 2009

  NordFinanz stake reached 97 percent

  [1]E-Clearen.wikipedia.org

  E-Clear owned 97 percent of NordFinanz, a small loss-making bank in Bremen.

• 2007

  Deutsche Bank ended card-processing agreement

  [1]E-Clearen.wikipedia.org

  Deutsche Bank announced that it would end its card-processing agreement with E-Clear.

• 2002

  Company formed

  [1]E-Clearen.wikipedia.org

  E-Clear was formed as a British payment processor serving businesses that needed merchant accounts and card acceptance.

A business-to-business payment processor focused especially on merchant accounts and card acceptance for travel companies in the United Kingdom.

• Payment services

  Merchant accounts

  E-Clear provided merchant accounts for companies that needed to accept credit-card payments. The accounts formed the basic commercial infrastructure through which customers' card transactions could be processed and settled. The company's documented specialization was the United Kingdom travel industry.

• Payment processing

  Travel-sector card processing

  The company's principal sector focus was travel. Its payment-processing services supported travel businesses accepting card payments, although the available reference material does not identify specific platforms, products, pricing plans, or merchant clients.

• 2010

  Entered administrationOther

  Background

  E-Clear's operating business had reached insolvency proceedings after its earlier card-processing relationship with Deutsche Bank ended.

  Action taken

  The company was placed into administration in January 2010, and BDO took control to examine its books.

  Aftermath

  The administration marked the end of E-Clear as an operating payment-processing brand. The available source does not state the final legal disposition in detail.

  Source

• 2009

  Built a controlling stake in NordFinanzM&A

  Background

  Following Deutsche Bank's 2007 decision to end its card-processing agreement with E-Clear, the company began buying shares in NordFinanz, a small loss-making bank in Bremen.

  Action taken

  E-Clear increased its holding until it owned 97 percent of NordFinanz by 2009.

  Aftermath

  E-Clear sold the NordFinanz stake in 2010. The available source does not provide transaction values or a fuller explanation of the investment's commercial outcome.

  Source

1. 1E-Clearen.wikipedia.org