LONDON—The move toward faster payments is accelerating among credit unions in the United Kingdom.
Ten U.K.-based credit unions have selected Engage’s bulk Faster Payments Service (FPS), Fintech Futures reported.
The company said its partnership with the credit unions to deliver its FPS offering is projected to boost payment speeds for nearly 100,000 credit union members, Fintech Futures said.
“Other traditional payment systems, like BACS or CHAPS, typically take around three to five days to complete a payment for a credit union. This could be either money arriving into an account via an employer or money leaving an account in loans or accessed savings,” Fintech Futures explained.
The Participants
To speed up this process, 10 U.K.-based credit unions, including Knowsley Credit Union, Chesterfield and North East Derbyshire Credit Union and Kingdom Community Bank, will utilize Engage’s FPS offering to send money to their members via the bulk payment option built into the platform’s dashboard. Fintech Futures reported.
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