UK’s Clockwise Credit Union launches self-built core banking solution
Leicester’s Clockwise Credit Union has become the first UK-based credit union to launch its own self-built, cloud-native core banking solution.
Clockwise Credit Union launches its own core banking solution. Image source: Clockwise CU
The new system, named Clockwise Core, has been designed and developed in-house by the credit union’s technology team. It consists of core banking, customer relationship management (CRM), loan origination, decisioning, business intelligence, mobile app and member portal functionality.
Clockwise’s IT manager Simon Foreman says the launch is a “culmination of a huge amount of work over the past six years”.
“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 reality, giving us the freedom to innovate and meet the needs of our members now and into the future.”
Foreman adds that the team designed the platform as a “multi-tenanted” solution from the beginning, with a view to sharing the technology with others.
Clockwise says the platform will enable it to enhance productivity, develop new and innovative products and services to compete with high-cost lenders and offer accessible financial products for individuals.
In the future, it plans to enhance its current account products to include round-up savings, overdrafts and a debit card-based alternative to buy now, pay later (BNPL) lending.
Established in 1992, Clockwise Credit Union is a non-profit organisation serving customers in Leicester, Leicestershire, Coventry, Warwickshire, Rutland and Northamptonshire.
