Ilkley-based Fintech incuto has announced a new payroll partnership with Bradford District Credit Union.
Effective immediately, the partnership will see incuto join a growing number of businesses and organisations which have signed up to help their employees become Members and save money, as well as gain access to other ethical products and services from their local credit union.
As a payroll partner, incuto employees can now opt in to become members of the Bradford District Credit Union and automate payments into a savings account via payroll deductions. As Members they can also apply for loans that they can repay through their payroll deductions.
Over the past few years, incuto has been supporting BDCU with its 12 school savings clubs. These aim to tackle the ‘buy now pay later’ mentality in younger generations by helping them establish good saving habits at a young age. Schools are provided with a banking platform which allows pupils to become bank tellers for their fellow students.
incuto CEO Andrew Rabbitt said: “As champions of the financial inclusion programmes offered by our credit union partners, it is only right that we ‘practice what we preach’ and offer our own staff an easy route into their services. I am thrilled to offer colleagues the opportunity to tap into Bradford District Credit Union’s products and services, as well as support the community by helping people on low incomes and benefits to access lower cost loans.”
As part of today’s partnership with Bradford District Credit Union, incuto employees who opt into membership will receive a dividend on their savings. This local credit union currently has 33 businesses using its payroll partnership scheme including Bradford Council, Kirklees Council, Bradford University, Sovereign Healthcare, local NHS trusts and housing associations to name a few.
Ian Brewer, financial inclusion officer, Bradford District Credit Union, said: “We’ve worked with incuto as a technology provider for a number of years now so I am delighted to welcome its team as payroll partners.
“Having financial worries can be a major source of stress and cause mental health issues, so we encourage local businesses to tap into the support services we offer. Saving even a small amount each month has been shown to have a positive impact on our financial wellbeing, so it’s fantastic to see incuto join our list of local employers who are taking steps to support employees.”
incuto is a hosted banking technology platform which is transforming community banks and lenders into true challenger banks. By enabling ethical lenders to better serve their communities, update legacy technology, digitise their Member experience and improve access, incuto is driving better engagement and lending for credit unions and community banks, as well as tackling the ‘Poverty Premium’ whereby lower-income households pay more for finance.