It has been a busy year thus far, we boarded the CUSOP in April and before you ask, CUSOP stands for Credit Union Services Operations Provider, a company set up by the movement to allow individual Credit Union gain access to the Bank Clearing System.
This Licence was granted to CUSOP, by the Central Bank, in 2014 and each individual Credit Union had then to apply to the CUSOP for a share of that licence. The application was a long drawn out legal process; we had to go through a vigorous due diligence inspection as the outset then apply to the European Central Bank for access to become generators of sepa transactions.
Finally, in April, we took the first step on the ladder of providing our members with Bank services, something that we had always dreamed of. Our members can now obtain their own IBAN and use the Credit Union BIC to transfer money in or out of their Credit Union account. The next step will be to add Direct Debits to the system and follow this by a specific Credit Union Laser card. This full suite of services should provide our members with a low cost option to everyday Banking. Don’t get me wrong, we are not look for people to ‘switch’ accounts if what we can offer members suits their circumstances and save a little money then use us.
Have a look at our Summer Newsletter – KiltimaghCU Newsletter Summer