ClearBank, the cloud-based clearing bank, has enabled real-time payments for Manchester Credit Union members. With ClearBank providing direct access to Faster Payments via incuto’s banking technology platform, Manchester Credit Union will be able to offer viable and equitable banking services to the community of Manchester, giving consumers alternative options to pay day lenders.
The economic fallout of the pandemic has left more UK consumers needing quick access to cash. Manchester Credit Union receives approximately 12,000 child benefit payments per week and processing these payments for members used to take up to three hours. Direct access to Faster Payments via ClearBank and incuto means these payments are now processed and accessible to members within 15-20 minutes.
The partnership also helps to bring down the cost of accessing Faster Payments to Credit Unions, enabling them the opportunity to offer digital, real-time payments to members and supporting better financial education through instant and accurate account information.
Christine Moore, CEO at Manchester Credit Union said, “offering real time payments to our members opens up many new opportunities to us as a credit union. Covid-19 has only strengthened the need for members to have real-time, online access to their accounts and money, so we look forward to now offering this service through ClearBank and incuto.”
Charles McManus, CEO at ClearBank said, “financial inclusivity has never been so important. Living through the fallout of the pandemic means credit union members need to budget, save and plan and it’s essential they can control their money in real-time. Supporting Manchester Credit Union, who promote responsible lending and are focused on providing services to underserved end consumers, perfectly aligns with our commitment to positively impact the communities in which we live and work.”
Andrew Rabbitt, CEO at incuto said, “having access to advanced services is vital for the digital transformation of credit unions. 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.”