UK-based credit unions Hoot and Lanarkshire Credit Union, have gone live on payment technology from ClearBank and incuto.
ClearBank and incuto revealed their payments technology integration and partnership earlier this year.
The partnership enables credit unions to make the collection of payments by direct debit as well as use virtual banking services.
“It is fantastic to be the first to introduce such a step-change in the facilities we are able to offer our members,” says Hoot chief executive, David Batten.
“Instant access to funds, 24 hours a day, removes another barrier to their financial inclusion, and is just one of the many digital innovations we are introducing this year to improve our service.”
For Charles McManus, CEO of ClearBank, the go-live of the two credit unions is “really exciting”.
He adds: “We look forward to continuing to work with the team at incuto to further develop the solution and bring the benefits to more credit unions.”
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.
During the two-year pilot project, incuto’s solution will help 15 participating credit unions to digitise their services to better compete with banks and payday lenders.
The Treasury’s scheme offers cash prizes to savers in order to raise awareness of community lending options.
via FinTech Futures – https://bit.ly/2YJyUTA