19 Jul Engage partners with Caroma on digital back-office solution to bring huge efficiency cost savings for Credit Unions.
The UK’s largest supplier of payments technology to credit unions, Engage, announces its exclusive partnership with Caroma to deliver the most comprehensive back-office capabilities for the community banking sector.
This collaboration is the latest addition to Engage’s DASHboard™ ecosystem, an end-to-end cloud based digital banking, payments and back-office solution that revolutionises operations for credit unions. These can expect to see huge efficiency cost savings including an immediate reduction in workload and administration duties. The new system includes:
- Automated lending & decision-making tools
- Advanced member communications
- Digital document distribution and e-signing
- Marketing tools
- Automatic bank payments and receipts reconciliation
- Full accounting and KPI module providing up-to-the-minute management information
- Automatic regulatory reporting
- Integrated Real-time Data Analytics and Data Modelling
- Automated Credit Control
And much more.
The white-label solution can be customised for each credit union, delivering benefits including a comprehensive online members area (similar to digital banking), a branded digital mobile app and even instant decisions on loan applications 24/7, 365 days a year.
It integrates seamlessly with the award-winning Engage bank payments platform and provides credit unions with unique sort codes and account numbers across all their products, as well as access to payment services including low-cost faster payments, direct debits and credit union branded Visa debit card.
Geoff Leech, MD of Engage commented: “British credit unions are struggling to win new members, which is unfortunate given the massive gap in the market for affordable, ethical loans and saving products. Incorporating Caroma into the Engage offer can revolutionise the credit union market by bringing a world class solution that has every accreditation for financial stability, trust, security and regulatory requirements, not to mention speed of delivery to meet members’ needs. Its flexible configuration ensures its open to all credit unions and Community banks.”
Paul Oliver, Founder of Caroma said: “I’m delighted to build on past collaborations and exclusively partner with Engage, to combine the Caroma back-office system with cutting edge payments technology backed by Contis, Europe’s fastest growing Banking-as-a-Service provider.
“The collaboration ensures credit unions will now be able to deliver ethical loans and financial services digitally and conveniently, with minimum administration and at a low cost”.
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Engage is the national brand for community banking. Since 2011 we have worked with over 150 Credit Unions across the UK to provide over 250,000 ethical digital accounts to members. Our mission is to accelerate financial inclusion and the expansion of ethical financial services, incorporating digital payments solutions. All designed to contribute to building more prosperous and inclusive communities in the UK and across the world. Engage is a subsidiary of the Contis Group the leading European Banking as a service company.