Clockwise Credit Union introduce real-time payment services for members

Monday 15 January 2024

Clockwise is delighted to announce its recent introduction of real-time payments for all Clockwise members. In partnership with a leading challenger bank, Clockwise has built the integration in-house using the Banks APIs, enabling access to the Faster Payment and BACS payment schemes.

Each member account is allocated their own individual sort code and account number. Using the Clockwise App or website, members can benefit from sending and receiving faster payments 24/7, including at weekends and bank holidays. This service also means BACS payments used for receiving wages or benefits will credit member accounts just after midnight on the day due, giving immediate access to money.

This innovative development has allowed Clockwise to improve the operations of the Credit Union by automating previously manual processing and reconciliation. This has been made possible thanks to the continued commitment and investment in IT strategy and resources. This integration joins an expanding portfolio of over 10 API integrations, delivered in-house over the past 3 years to improve the services available to members.

IT Manager, Simon Foreman said, “By delivering this integration in-house, we have been able to tailor the development to our member’s needs, removing the need to work with third party providers, resulting in reduced costs and time to delivery.”

Clockwise CEO, Teresa Manning said, “Enabling our members to access or move money instantly, not relying on branch opening hours and staff manual processing, has been a key part of our strategy and members love it. Additionally, having their own unique account number we will no longer have unidentified payment problems with incorrect or unknown references, such as Universal Credit payments, because the member will have supplied their own account number.”