E-Clear

E-Clear
TypePrivate Limited Company
IndustryFinance, digital payment
Founded2002
Defunct2010
Headquarters
Mayfair, City of Westminster, United Kingdom
ServicesPayment processing

E-Clear was a British payment processor that provided merchant accounts for companies, allowing them to accept credit cards. E-Clear specialized in the travel industry in the United Kingdom.

Members of the company's board included Elias Elia, Derek Tullett and Sir Edward du Cann.

Formed in 2002 and based in Mayfair, City of Westminster, the company was based in Britain, but owned by a parent company registered in Cyprus, and its chief executive Elias Elia is a Greek Cypriot.

History

The company was formed in 2002.

In 2007, Deutsche Bank announced the end of its agreement for card processing with E-Clear. As a result, E-Clear began buying shares in NordFinanz, a small loss-making bank in Bremen. By 2009, E-Clear owned 97% of the shares in the bank. In 2010, it sold the stake.

In January 2010, the company was put into administration. Once the company went under, insolvency experts from the accounting firm BDO took control of E-Clear to audit its book.

References

  1. ↑ May, Kevin (December 17, 2009). "FlyGlobespan – attention turns to travel technology partner EClear". Phocuswire.
  2. ↑ O'Connell, Dominic; Bradley, Jane; Jefford, Kasmira (December 27, 2009). "City bigwigs Derek Tullett and Sir Edward du Cann dragged into Flyglobespan row". The Times.
  3. ↑ "Globespan faces funding crunch". The Guardian. December 13, 2009.
  4. ↑ "Mayer Brown advises on acquisition of NordFinanz Bank". Mayer Brown. October 19, 2010.
  5. ↑ Moya, Elena; Bowers, Simon (January 19, 2010). "E-Clear, credit card processor involved in the Globespan collapse, goes under". The Guardian.
  6. ↑ "E-Clear placed in administration". The Daily Telegraph. January 19, 2010.