Clockwise Credit Union successfully launches new cloud-native core banking solution

We’re delighted to announce that Clockwise Credit Union has successfully launched our new cloud-native core banking solution. In a first for the UK credit union sector, the new system, known as “Clockwise Core”, has been designed and developed entirely in-house by Clockwise’ own technology team. 

The complete platform consists of core banking, CRM, loan origination, decisioning, business intelligence, mobile app and member portal functionality. It will enable Clockwise to enhance productivity and develop innovative new products and services to help better compete with high-cost lenders and continue offering accessible financial products for individuals within the common bond. Future plans include enhancements to the range of current account products including round up savings, overdrafts and an innovative debit card-based alternative to buy now pay later lending.

Teresa Manning, CEO commented:

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.

IT Manager 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 to a 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.”

About Clockwise:

Clockwise was established in 1992 as ‘Highfields Community Credit Union’; an anti-poverty initiative of the churches in Highfields.

Since then we have grown to be one of the UK’s most exciting, dynamic and fast growing financial co-operatives that is just for the people of Leicester, Leicestershire, Coventry, Warwickshire, Rutland and Northamptonshire. As a not-for-profit organisation we can pass on the savings to our members by providing affordable loans, safe savings and ethical financial products and services. This means that your share contributes to keeping money within the local community.

Credit unions can consider all loan applications from people in our communities, regardless of background, including those who are in receipt of benefits. A credit Union is also a not-for-profit organisation, our focus is on improving the financial well-being of our members and helping the local community.

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