ClearBank is providing direct access to Faster Payments via incuto’s banking technology platform. It says the credit union can offer “viable and equitable” banking services to the community.
Manchester Credit Union receives approximately 10,000 child benefit payments per week. ClearBank says processing these payments for members used to take the firm “up to three days”.
Faster Payments can now bring that time down to between 15 and 20 minutes, the clearing bank says.
“Offering real time payments to our members opens up many new opportunities to us as a credit union,” says Christine Moore, CEO at Manchester Credit Union.
“COVID-19 has only strengthened the need for members to have real-time, online access to their accounts and money.”
ClearBank and incuto inked a technology partnership at the start of 2019. Since then credit unions Hoot, and Lanarkshire Credit Union, have gone live on their shared services.
Incuto was selected by the UK Treasury in 2019 as its sole tech partner for a prize-linked savings scheme designed to boost credit union membership.
“Having access to advanced services is vital for the digital transformation of credit unions,” says Andrew Rabbitt, incuto CEO.
“To truly offer a compelling alternative to pay-day lenders, real-time payments are crucial.
“Manchester Credit Union has been a leading light in the adoption of Faster Payments, enabling their members instant access to cash around the clock.”
For Charles McManus, CEO at ClearBank, says that financial inclusivity has “never been so important”.
He notes that the credit union promotes responsible lending and focuses on providing services to underserved consumers, which “perfectly aligns” with ClearBank’s ideals.