FinTech for social good expands its offer
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FinTech for social good incuto has launched Direct Debits to its credit union and community banking partners.
Sponsored by ClearBank, Ilkley-based incuto is an accredited facilities manager for Direct Debits, enabling smaller credit unions to offer these payments without the usual barriers to entry.
This development is consider a game changer for small to medium-sized providers who face significant affordability and access difficulties around collecting Direct Debits, as incuto means these providers no longer need to apply for their own unique Service User Number (SUN) or gain sponsorship from a receiving bank.
incuto CEO Andrew Rabbitt said: “By becoming an accredited facilities manager for our credit union partners, we can both simplify the process and reduce the cost of Direct Debits. Today’s launch aligns perfectly with our strategy to aggregate services for all credit unions, no matter their size, and to enhance and automate what they can offer Members.
“Credit unions can onboard Direct Debits very quickly and, as with our other aggregated services, there is a fixed price per payment and no minimum volumes,” Andrew continues.
“By launching Direct Debits, we are adding to a growing list of opportunities on offer through our platform,” says Andrew. “We know smaller credit unions haven’t been able to collect Direct Debits for many reasons, so we decided to take on the role of Facilities Manager and make this possible for them.
“In addition to undertaking all of the regulatory set up, we’re providing access to approved templates for communications around payment set up and a first payment notification, as well as automatic updates if a payment amount is changed,” Andrew continues. “Additionally, set-up can be completed online or by phone, so credit unions do not need to go through the process of exchanging paper forms between the Member and the sponsoring bank. This makes the process quicker and easier when initiating a loan.”
incuto was founded on the basis that everyone deserves access to fair and affordable finance. It is an end-to-end solution with no barriers to entry. This latest development follows a £1.75m investment last year that looked to support the roll out of its platform to more UK credit unions and prepare the business for overseas expansion.