ClearBank Works with Manchester Credit Union to Enable Real-Time Payments

ClearBank, the cloud-based clearing bank, today updated it is partnering with Manchester Credit Union on real-time payments. 

Under the relationship, ClearBank 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 the community of Manchester, giving consumers alternative options to pay day lenders.

Usually, it takes up to three days for Manchester Credit Union to process a series of payments during Covid-19 pandemic, but now direct access to Faster Payments via ClearBank and incuto means these payments are now processed and accessible to members within 15-20 minutes.

On the other hand, the partnership will also ensure 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.

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."