Clockwise Credit Union is partnering with Engage, a community banking-as-a-service section of Contis-Solaris to launch its own credit union debit and current card.
According to the Midlands-based credit union, the account will increase the number of banking and payment services available to its more than 20,000 members. Many of these members are not served or excluded by traditional financial services.
The move will make it a “one-stop shop for banking services” for residents of Coventry, Warwickshire Leicestershire, Rutland, Northamptonshire and Leicestershire.
It states that “Our core services of saving and loans are a lifeline for many of our members,” and “now all our members can be dealt with in the same place.”
The new account offers digital banking services, including real-time debit card transactions as well as account information via the Clockwise app. Clockwise accounts will hold all funds, meaning that member funds are covered under the Financial Services Compensation Scheme.
Teresa Manning, chief executive, stated that she is proud to be one of the UK’s most innovative financial co-operatives. This was evident in the expansion of our partnership and engagement with Engage, another organisation committed to making financial services more accessible for all.
“The partnership allows us to offer members a modern, affordable card and account that will allow us to compete with the major banks.”
Engage is a UK credit union partner since 2010. It has partnered with over 150 credit unions and offers more than 250,000 accounts and debit cards. Engage claims it offers “state-of the-art digital cloud-based bank and back-office technology for credit union partners, enabling them be sustainable and competitive with large banks and fintechs.
Geoff Leech is the managing director of Engage. He said: “Today, Clockwise and other community-based financial cooperatives are more important than ever. It is crucial that people in the UK have access to responsible and fair financial providers as they are experiencing a severe drop in their incomes due to the cost-of living crisis.
Clockwise will be more useful and available to its community by partnering with Engage.
