/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Clockwise Credit Union taps Engage from Contis-Solaris for digital current account

One of the UK’s fastest-growing financial co-operatives 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.

Be the first to comment

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

The new account from Clockwise Credit Union, the not-for-profit co-operative, will expand the range of banking and payment services offered to their 20,000-plus members, many of whom are excluded from, or underserved by, the traditional financial services industry.

The launch transforms Clockwise into a one-stop-shop for banking services for people in Coventry, Warwickshire, Leicestershire, Rutland and Northamptonshire, adding to its existing saving and loan products.

As well as benefitting from real-time debit card transactions and account information through the Clockwise mobile app, members will have access to a wealth of digital banking functions. As all funds sit in Clockwise accounts, member funds are protected under the Financial Services Compensation Scheme (FSCS).

Clockwise Credit Union chief executive Teresa Manning says: “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.”

Geoff Leech, managing director at Engage, says: “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.”

Credit unions are not-for-profit member-owned financial institutions that offer many of the same services as traditional banks - loans, savings, and accounts. Their ethos revolves around treating customers as individuals, not numbers, and the emphasis is on service, not profits.

Membership of a given credit union is based on a ‘common bond’. This can be working for a particular employer or in a particular industry or living or working in a geographical area.

Sponsored [Webinar] Automated Testing: The road to Evergreen Compliance

Comments: (0)

[On-Demand Webinar] Global Trade Based Financial Crime: Where Trade and Payments MeetFinextra Promoted[On-Demand Webinar] Global Trade Based Financial Crime: Where Trade and Payments Meet