Clockwise Credit Union Successfully Launches Original New Core Banking Solution

Friday 26 January 2024

Leicester-based Clockwise Credit Union has successfully launched a brand-new cloud native core banking solution for members. The system, known as “Clockwise Core”, has been designed and developed entirely in-house by Clockwises’ own technology team.

The new platform which was adopted at the end of June consists of core banking, customer relationship management, loan origination, decisioning, business intelligence, a mobile app, and member portal functionality. Clockwise say this innovative development will “enhance productivity and develop new products and services to help better compete with high-cost lenders and continue offering accessible financial products for those within the common bond”. Clockwise has not stopped there, the credit union has future plans to enhance the range of current account products including ‘round-up savings’, overdrafts, and a pioneering card-based alternative to by-now-pay-later lending.

Clockwise CEO, Teresa Manning MBE said: “At Clockwise Credit Union, we’re dedicated to providing top-tier financial products and services to our members in the local communities of Leicester, Leicestershire, Rutland, Northamptonshire, Coventry, and Warwickshire. The new platform is a crucial step in achieving that goal. We’re excited about the benefits this upgrade will bring, and we’re confident that our members will feel the positive impact for years to come. We are very proud of our talented and hardworking technology team and excited for the future.”.

Apart from its impressive functionality, the creation of Clockwise Core is so ground-breaking because it was created entirely in-house which is a first for the British credit union sector. IT Manager at Clockwise, Simon Foreman said: “This milestone is the culmination of a huge amount of work over the past 6 years by our small, but dedicated, team of technology professionals. By choosing not to rely on third party providers we have been able to bring our vision of a credit union designed and controlled technology platform into reality, giving us the freedom to innovate and meet the needs of our members now and into the future. Designed from the start as a multi-tenanted solution, we now look forward to exploring the possibilities to share our technology for the benefit of the credit union movement.”

To read more and to explore the website, please click here.