Our Faster Payment service provided in partnership with ClearBank allows Credit Union members to send and receive funds instantly.
00 Funds held at Clear Bank (fully regulated UK clearing bank)
00 incuto is an FCA registered Small Payments Institution (SPI)
00 Payments made in under 2 seconds, 24/7/365
00 Simple, per payment fee – no onboarding, monthly or license fees and no minimum volumes
00 Withdrawal rules applied automatically, per product
00 Transactions automatically reconciled back to your back office system
Confirmation of Payee (CoP)
Members can send funds
Securely to their nominated bank account, with incuto’s in-built Confirmation of Payee (make sure your credit union has this in place before the deadline on 31st October 2024!)
Instant confirmation for correctly entered transactions
Alerts if the payment details don’t match
And receive them instantly
We will provide all members with Virtual Accounts, with their own sort code and account number
Instant, automated reconciliation for the credit union, meaning less time and resources to match transactions
Members will see payments in their Credit Union accounts within seconds
“The introduction of Faster Payments has halved the number of calls we receive from members, allowing us to spend more time supporting each individual as well as giving members 24/7 access to their money.”
Fast
Improve Service To Members By Enabling Real Time Withdrawals To External Bank Accounts.
Automated
Remove The Need For Manual Processing Of Withdrawal Requests.
Simplified
Save Staff Time With A Simplified Bank Reconciliation Process.
Secure
Improved Accuracy And Security, Meaning No File Uploads To Banks.
Total Faster
Payments*
3,686,471
Total Faster
Payments Value*
£611,061,037
Total Faster Payments
Out Of Hours*
1,657,566
*Figures as of December 2023.
About incuto
incuto partnered with Clear Bank in 2019 to enable access to a range of banking services, including access to automated Faster Payments. By the end of 2022, we had processed 2,339,452 Faster Payments!
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incuto is an FCA-registered Small Payments Institution (SPI) to ensure Credit Unions of all sizes can access these services. We have simplified the onboarding process to allow you to be up and running in less than a week.
