Members of credit unions and community banks now have the option of accessing their services in 11,500 Post Office branches UK-wide, now Fintech platform, incuto, has joined the Banking Framework.
incuto is an innovative single banking platform that enables credit unions, community banks and community development finance institutions (CDFIs) to better serve their communities by updating legacy technology, enhancing the end user experience and improving access to members. It also aims to tackle the poverty premium whereby lower-income households pay more for finance, whether it is high-interest pay day loans or inflexible bank charges.
With 99% of UK bank customers already able to access their accounts at Post Office branches, incuto is extending the reach of credit unions to offer similar branch services to their customers by joining the Banking Framework. By combining physical access to cash over the counter in Post Office branches with its technology platform, incuto is fulfilling its aim of transforming credit unions and helping them compete with high street banks and lenders.
The first service to launch is Payment NOW! which allows members to withdraw cash using a unique barcode issued by their credit union or community bank. incuto is offering participating credit unions the first 10 payments free of charge.
‘The ideal partnership’
Post Office’s Banking Director, Martin Kearsley, said: “We’re delighted to welcome incuto into the Post Office Banking Framework and to support the customers of their 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 CEO, Andrew Rabbitt, added: “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.”