Ilkley-based Fintech incuto is now offering Members of Credit Unions and community banks the option of accessing their services in Post Office branches.
By becoming part of the Post Office Banking Framework, incuto is extending the reach of Credit Unions, who can now utilise any of the 11,500 branches across the UK. Initially launching the Payout NOW! service, Members can already withdraw cash using a unique barcode issued by their Credit Union or community bank.
The news represents a key milestone in incuto’s plan to expand access to Credit Union services across the UK with a Post Office branch in almost every community nationwide. By combining access to physical services within Post Office branches with its end-to-end technology platform, incuto is fulfilling its aim of transforming Credit Unions, as well as helping them be true challengers and compete with high street banks and lenders.
incuto CEO Andrew Rabbitt comments: “Joining the Banking Framework is another major step in our journey to supporting Credit Unions to better serve their members, offer an equivalent service to high street banks and improve access to affordable financial services. Offering Credit Unions who use our platform the ability to extend their branch network to include one of the nation’s most trusted brands is really important, and the Post Office’s ongoing commitment to local communities and high streets makes this the ideal partnership.
“incuto is a digital platform, designed to offer enhanced online services to Credit Unions and community banks.” Andrew continues, “However, our core focus is on financial inclusion. We recognise that for many, online services can be a barrier and may not offer the access they need. For those members, the local Post Office branch may be far closer to home and already a familiar place.”
The first service to launch is Payout NOW! and incuto is offering participating credit unions the first ten payments free of charge. All Credit Unions and community banks using the incuto platform will have access to this service with no set-up fee or minimum volumes.
Martin Kearsley, Post Office Banking Director, says: “We’re delighted to welcome incuto into the Post Office Banking Framework and to support Credit Union members across our branch network. Now more than ever, it’s important for all financial institutions to promote inclusion. Giving customers and Members multiple options to withdraw their cash and access banking services is a key part of this.”
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, enabling credit unions and community banks to connect in a day and have access to key services including TransUnion, Experian and ClearBank with no licence or support fees, no minimum volumes and no tie-ins.