Credit Union Current Account gathers momentum at ABCUL AGM
Bayberry, a Dublin-based consulting firm specialising in banking and payments solutions, announced today that its project with the Association of British Credit Unions Ltd (ABCUL) to create a viable banking service for Credit Unions took another step forward at ABCUL’s Annual Conference and AGM in Blackpool on Friday.
The Credit Union Current Account, a result of Bayberry’s work with ABCUL and nine major Credit Unions to design and develop an inclusive banking service for Credit Union members, was launched officially to Credit Unions at the AGM, and has subsequently gathered significant interest from national press and media. The account offers an important alternative to Basic Bank Accounts and is a major step forward for the Government’s aim of eliminating financial exclusion.
In partnership with the Co-operative Bank, the accounts will be offered at first by the nine big Credit Unions – with more to follow – in cities such as Leeds and Glasgow. The accounts have been designed to offer Credit Union members flexible services equivalent to those enjoyed by customers of high-street banks though without cheque books or overdrafts, meaning no high charges or fees.
The solution has been designed to allow the accounts and cards to be owned by Credit Unions but use Co-operative Bank technology to run the service. This minimises risk and potential disruption to the existing Credit Union system architecture while retaining ownership and flexibility for future innovation and growth.
Through the course of the initiative, Bayberry has advised ABCUL and the participating Credit Unions on banking and payments solution design, regulatory affairs, business strategy, and commercial engagement. ABCUL Chief Executive Mark Lyonette says, “Bayberry has been integral to the success of this service, their vision and drive combined with a hands-on approach has been instrumental to getting us to this point.”
“We can offer a current account service similar to the banks, but with all the added extras associated with a financial co-operative that is owned and run by its members, for the benefit of members.”
About Bayberry
Bayberry Consulting, a Dublin-based corporate advisory firm, is a leading independent specialist in the banking and payments sector. Our successful and highly-rated team has a record of delivering high-profile projects across Europe and in bringing new ventures to market. We work with our clients to define, design and implement income growth strategies, new products and services.
About ABCUL
The Association of British Credit Unions (ABCUL) is the main trade association for credit unions in England, Scotland, and Wales. Credit unions are financial co-operatives owned and controlled by their members. They offer savings and great value loans plus they are local, ethical and know what their members want. For more information, visit www.abcul.org.
For more information, please contact:
Simon Rogals / Paul Kennedy
Bayberry Consulting Limited
(t) + 353 1 2827103
info@bayberryconsult.com
www.bayberryconsult.com
