Credit Union Group: EFT and Payment Services Project
Bayberry was engaged by a group of Credit Unions seeking a shared services solution in response to their members needs for access to electronic payments services. The credit union group had already selected an existing solution offering from a local banking provider. The credit union group consisted of industrial and live or work credi unions varying is size and capability.
In collaboration with its banking provider, the credit union group developed a standard solution for Electronic Funds Transfer (EFT) and ATM Card Services. The solution provided Credit Unions with access to the bank clearing system. This allowed the Credit Unions to send and receive a variety of electronic payments on behalf of Members via EFT as well as providing members with the ability to withdraw funds from Credit Union Accounts via the Bank’s ATM network.
Selected Credit Unions from the Working Group
Our Role
Bayberry was asked to provide specialist support to help with the delivery of the chosen solution for the credit union group. The following are highlights of our role:
Commercial Strategy:
• Negotiated commercial contracts with service providers
• Corporate Structure
• Branding options
• Developed methodologies and processes to enable participating Credit Unions prepare for Electronic Payments and ATM services
• Supported Credit Unions with the adoption of these methodologies and processes
Business Strategy:
• Model the financial impact of these services on each credit union
• Develop a business strategy and plan template for each credit union to establish how they could benefit from these new services
• Advise on business continuity planning
Technical Advisors:
• IT Consulting including Functional Specification of interfaces, reconciliation, reporting and exception management
• Future technology strategy
Regulatory Advisors:
• Liaison with the Irish Credit Union Regulator
• Assessing the regulatory requirements for the programme
Programme Director:
• For the the delivery of the project and roll-out of services to an initial selection of Credit Unions
A critical part of the project was helping individual credit unions to understand, and prepare for, the impact of EFT and banking services. To do this, we developed an appraisal framework and ‘on-boarding’ pack to assess each credit union’s readiness and provide them with guidance on preparation for EFT. This comprehensive pack included the following components:
• Project Pack Guide
• Guide to EFT and Payment Card Services
• Capability Status Review
• Financial Model
• Business Planning Impact
• Capability and Return on Investment Analysis for Credit Unions
• Project Implementation Plan
• Business Continuity Guidelines
• EFT & Card Services Operational Procedures Guideline
• Pre-Implementation Checklist
• SLA requirements
• Escrow requirements
• Contracts
The Result
Our work with each of the initial credit unions prepared them for the launch of EFT and card services for the very first time. We prepared and negotiated specific contracts for transactional banking services. Our appraisals highlighted critical aspects of service delivery that required specific attention. These credit unions are now successfully operating the EFT and ATM card service, which represents their initial steps into both real-time banking services and co-operation on shared services IT initiatives.
For more on Current Account and Electronic Banking Projects, see our in-depth briefing and case study here.
