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 10,000 child benefit payments per week and processing these payments for members used to take up to three days. 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.
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