Engage delivers Faster Payments Service to almost 100,000 credit union customers

Engage, the community banking platform has partnered with 10 credit unions to deliver its Faster Payments service which in turn provides quicker payments for nearly 100,000 members. The bulk faster payments process empowers credit unions to send money to their members in near real-time, instead of traditional BACS or CHAPS payments which typically take around three days to complete.

Knowsley Credit Union, Chesterfield & North East Derbyshire Credit Union and Kingdom Community Bank are three of the UK-based credit unions that are already utilising Engage’s Bulk FPS service to send money to their members via the bulk payment option built into the Engage dashboard.

Typically, money arrives in a member account from either the members’ employer, their own bank account, or direct from Department for Work and Pensions. When the member wishes to access their savings, or takes out a loan, the Credit Union must send this money to the member. Traditionally this has been done using BACS payments which take 3-4 days to arrive, alternatively the Credit Union may use their own banks Faster Payments service which can be much more expensive.

Sofia Dogan, Chief Executive of Kingdom Community Bank “The Engage Faster Payments service works seamlessly via a simple online portal and we simply upload our payment file and payments are sent to member accounts in minutes. The costs are over 50% less than our bank was preparing to charge us and our members can now benefit from receiving payments quicker into their account”.

The Engage digital account offers credit union and community bank members a free digital mobile app and contactless Visa Debit card complete with an array of online features like those expected from a digital banking app. In addition to helpful budgeting tools (Engage Envelopes tm) account holders can earn cash-as-they-spend when used at a range of participating retailers including ASDA, Sainsbury’s, Argos and B&Q.

Stephen Hope, Partnerships Development Manager at Engage said: “Instant payments is a capability that most bank account holders take for granted when it comes to paying bills or moving money. By offering Bulk Faster Payments, community finance providers and credit unions that need to make multiple money transfers can improve customer satisfaction by bringing payments to real-time, removing three-day wait times for funds. We are proud to be able to offer such an essential solution at a very competitive price point that enables credit unions to continue to digitalise their offering.”

There are 1.4m people in the UK who are members of a Credit Union. The 250+ Credit Unions and Community Banks in the UK are safe, fully regulated financial institutions where members can save and borrow safely and ethically. Credit Unions are non-profit making and run as financial co-operatives.

The Engage digital account offers credit union and community bank members a free digital mobile app and contactless Visa Debit card complete with an array of online features like those expected from a digital banking app. In addition to helpful budgeting tools (Engage Envelopes tm) account holders can earn cash-as-they-spend when used at a range of participating retailers including ASDA, Sainsbury’s, Argos and B&Q.