London Mutual Credit Union has become the first credit union to fully integrate with the UK faster payments system, enabling members of the credit union to make and receive payments and notifications 24 hours a day, 7 days a week.
Widely adopted by major banks, London Mutual is the first credit union in the UK to offer this capability to its members, unlocking significant improvements in the speed and reliability of payments made through credit union accounts.
The new integration has been delivered in partnership with Tata Consultancy Services (TCS) and NatWest Bank. TCS worked with London Mutual to develop the interface using the NatWest Faster payments API (ISO 20022), connected via the TCS Bankline Direct Indirect Access service. TCS, LMCU and NatWest collaborated closely to develop the capability, including interface development, testing and support.
The adoption of Faster Payments is part of a wider strategy that has seen LMCU adopt the TCS BaNCS Digital core banking software. We look forward to continued innovation with TCS to deliver value for our members, as the pace of technological change in UK financial services continues to intensify.