ClearBank selected by Manchester Credit Union to power its payments
ClearBank will provide access to the UK’s Faster Payments network, enabling payments which normally take up to three days to be completed in minutes.
Cloud-based clearing bank ClearBank has joined forces with Manchester Credit Union to bolster the latter’s payment processes.
ClearBank will provide direct access to the Faster Payments network via incuto, a banking technology platform which helps turn credit unions, community banks and lenders into challenger banks.
Through the partnership, Manchester Credit Union will be able to strengthen its banking services, offering the people of Manchester a more viable alternative to payday lenders.
Christine Moore, CEO of 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.”
Manchester Credit Union receives roughly 10,000 child benefit payments per week, which often take up to three days to process, but with ClearBank and incuto the payments are processed and made available within 20 minutes.
Charles McManus, CEO of ClearBank added: “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.”
The partnership also helps to reduce the cost of accessing the Faster Payments network to credit unions, enabling them to offer real-time payments to members and support better financial wellbeing and education.