Over the past few months we’ve been working to add new features and functionality to our banking apps, listening to your feedback.
We are pleased to say that from July, Faster Payments are now enabled on all accounts. This means that if you make a payment or transfer into, or out of, your London Mutual account, you can now expect the money to arrive instantly (within a couple of minutes at most). It works day and night, and at weekends, so you’ll never find yourself stuck.
If you tend to be a bit more cautious about these things, good news: you don’t need to do anything. To use faster payments, you just need to log in as usual. Next time you make a payment or transfer, the money will leave your account immediately, and be in the receiving account no more than a minute or two after. And if it’s been a while or you’ve forgotten your online details, we can help with that too.
Instant payments have been one of our most-requested features, and something you’ve come to expect from your banking app. We are excited to be one of the first credit unions to offer this service. It comes hot off the heels of other innovations in areas such as Open Banking, which we’re using to make it simpler to provide bank statements when you apply for a loan.
We’re proud to be at the forefront of innovation in the credit union sector, which was recognised at this year’s Financial Services Forum Awards for Innovation. At this year’s Awards, London Mutual was ‘highly commended’ for our Innovations in the area of financial inclusion, up against much larger players including Starling Bank and Legal & General.
In coming months will be announcing additional upgrades to our services, such as savings goals and loan application tracking, which build on your feedback and ideas. So keep an eye out, and we will be in touch with more details when they are ready.
