Members of credit unions and community banks will now benefit from more efficient payments thanks to a new partnership between incuto and cloud-based clearing bank, ClearBank.
Effective immediately, the collaboration adds to incuto’s growing number of services to ethical banks and lenders, enabling them to better serve their Members and compete directly with high-street and challenger banks.
Using ClearBank’s technology on the incuto platform, credit union members will be able to make and receive payments in real time.
This marks a positive step forward for credit unions and community banks which focus on financial education, and traditionally serve customers who are financially excluded.
Using ClearBank technology as part of incuto’s online Member’s Area and its app, credit union members will have instant and accurate information about their finances, a clear benefit for developing skills on how to budget and manage personal finances.
Commenting on today’s partnership, Andrew Rabbitt, CEO, incuto says: “I’m delighted to partner with ClearBank and incorporate its innovative solution into our own technology for credit unions and community banks.
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“Alongside giving credit unions the digital tools they need, having faster payment technology as part of the incuto platform is hugely important to Members, many of whom are financially vulnerable and need assistance managing their money. The combination of online access to accounts and faster payments means Members will now have real time insights into their financial status.”
“We’re very pleased to partner with incuto and offer ClearBank’s cutting-edge technology platform to socially-conscious, community banks and credit unions,” says Charles McManus, CEO, ClearBank.
“It’s a great time to be contributing to the community banking sector, as it seeks to innovate and update legacy technology. Our solution is quick to implement, cloud-based and aligns well with incuto’s own technology. Most importantly it will allow savers and borrowers an accurate view of their finances which is extremely important to building financial resilience.”
Alongside faster payments, the partnership will support the collection of payments by direct debit as well as virtual banking services, allowing credit unions to issue bank account and sort code details to all members.