Industry25th June 2020

First faster payments made using incuto platform

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Fintech for social good incuto today announces two credit unions using its new faster payment technology, provided by ClearBank, have made their first successful transactions. Hoot Credit Union and Lanarkshire Credit Union can now offer access to payments in real time, enhancing their service to members and supporting better financial education through instant and accurate account information.

The news follows incuto’s recent announcement that members of credit unions and community banks would benefit from faster and more efficient payments thanks to a new partnership between incuto and cloud-based clearing bank, ClearBank. Using ClearBank technology as part of incuto’s online Member’s Area and its app, credit union members can make faster payments and get real-time insight into their finances.

incuto CEO Andrew Rabbitt says: “We’re really excited to see two credit unions making their first faster payment transactions over the incuto platform. Well done to the teams at Hoot and Lanarkshire for introducing this fantastic new service to their members. This is a great step forward in providing credit unions and community banks with the tools and technology needed to compete with high street and challenger banks. We expect to see many more of our credit unions using this new service in the coming weeks.”

Also commenting on today’s news, Hoot Chief Executive David Batten comments: “It is fantastic to be the first to introduce such a step-change in the facilities we are able to offer our members. 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. It has been great to work with both incuto and ClearBank to pull this together.”

Alongside faster payments, incuto’s partnership with Clearbank enables 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. Credit unions will now have an opportunity to automatically and instantly reconcile payments made to member accounts without manual processing.

ClearBank CEO Charles McManus says: “We partnered with incuto earlier this year to bring ClearBank’s cutting-edge technology platform to socially-conscious credit unions and enable them to better support their members. It’s really exciting to now be at the stage where the first organisations have gone live and processed real-time transactions. 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.”

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