Clockwise Credit Union has partnered with Engage, the community banking-as-a-service division of Contis-Solaris, to launch its own branded credit union debit card and current account.
The Midlands-based credit union says the account will expand the range of banking and payment services offered to its 20,000-plus members – many of whom are excluded from, or underserved by, the traditional financial services industry.
It adds that the move will transforms it into a “one-stop-shop for banking services” for people in Coventry, Warwickshire, Leicestershire, Rutland and Northamptonshire.
“Our core services of savings and loans are a lifeline to many of our members,” it adds, “and now all our members banking services can be handled in the same place.”
Digital banking functions on offer through the new account include real-time debit card transactions and account information through the Clockwise mobile app. All funds will sit in Clockwise accounts, which means member funds are protected under the Financial Services Compensation Scheme (FSCS).
Chief executive Teresa Manning said: “We pride ourselves on being one of the UK’s most progressive financial co-operatives, as evidenced by the expansion of our partnership with Engage – another organisation that is committed to making the financial services sector fairer for all.
“The partnership means we can provide members with a modern, cost-effective card and account, allowing us to compete effectively with major banking brands.”
Engage has been working with the UK credit union sector since 2010, partnering with more than 150 individual credit unions and offering more than 250,000 debit cards and accounts. It says it provides “state-of-the-art digital cloud-based banking and back-office technology to credit union partners, enabling them to remain sustainable and compete effectively with big banks and fintechs.
Geoff Leech, managing director at Engage, added: “Today, the role of community-based financial co-operatives like Clockwise is more important than ever. As people across the UK have their incomes squeezed through the cost-of-living crisis, it is vital they have access to fair and responsible financial providers.
“Through partnering with Engage to launch their current account, Clockwise will become even more useful and accessible to people in its community.”