Manchester Credit Union selects ClearBank to enable real-time payments

By Megha Bhattacharya

ClearBank today announced that it has been selected by Manchester Credit Union for enablement of real-time payments. The clearing bank will be offering direct access to Faster Payments via incuto’s banking technology platform, thereby allowing the credit union to offer equitable banking services to its customers.

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.”

According to ClearBank, the partnership will allow for faster payment processing as well as a reduction in the cost of accessing Faster Payments to Credit Unions. The collaboration is expected to facilitate the provision of digital, real-time payments to members and boost support for financial education via accurate account information.

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.”

Recently, ClearBank announced that it will be supporting the challenger digital banking app Dozens to upgrade its current account offering. The collaboration will enable Dozens’ clients to set up direct debits, standing orders and instantly transfer money. ClearBank will provide new account numbers and sort codes as well as direct access to payment networks, such as Faster Payments, via a single API.

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.”