Ten UK credit unions have partnered with Engage, a community banking division of Solaris, to utilize Engage’s bulk Faster Payments Service (FPS). This collaboration aims to significantly reduce payment processing times for credit union members, providing faster payments and improved customer satisfaction.
Facts
- Ten UK credit unions have selected Engage’s bulk Faster Payments Service (FPS) to enhance payment processing for their members.
- The collaboration between Engage and credit unions is expected to boost payment speeds for nearly 100,000 credit union members.
- Traditional payment systems like BACS or CHAPS usually take three to five days to complete transactions for credit unions.
- The credit unions will utilize Engage’s FPS offering to send money to their members via the bulk payment option on the platform’s dashboard.
- Engage’s digital account is supported by a mobile app and contactless Visa debit card, offering budgeting tools and a cashback reward system.
- The costs associated with Engage’s FPS offering are over 50% lower compared to what the credit unions’ banks were preparing to charge them.
- By offering bulk FPS, Engage enables community finance providers and credit unions to bring payments to real-time, eliminating the three-day wait times for funds.
