Engage partners Caroma on the digital office solutions for Credit Unions

By Joy Dumasia

The UK’s largest supplier of payments technology to credit unions, Engage, announces its exclusive partnership with Caroma to deliver the most comprehensive back-office capabilities for the community banking sector. 

This collaboration is the latest addition to Engage’s DASHboard ecosystem, an end-to-end cloud-based digital banking, payments and back-office solution that revolutionises operations for credit unions. These can expect to see efficiency cost savings, including an immediate reduction in workload and administration duties. The new system includes: 

• Automated lending & decision-making tools 
• Advanced member communications 
• Digital document distribution and e-signing 
• Marketing tools 
• Automatic bank payments and receipts reconciliation 
• Full accounting and KPI module providing up-to-the-minute management information 
• Automatic regulatory reporting 
• Integrated Real-time Data Analytics and Data Modelling 
• Automated Credit Control

The white-label solution can be customised for each credit union, delivering benefits including a comprehensive online members area (similar to digital banking), a branded digital mobile app and even instant decisions on loan applications 24/7, 365 days a year. 

It integrates seamlessly with the Engage bank payments platform. It provides credit unions with unique sort codes and account numbers across all their products and access to payment services, including low-cost faster payments, direct debits, and credit union branded Visa debit cards. 

Geoff Leech, MD of Engage, commented: “British credit unions are struggling to win new members, which is unfortunate given the massive gap in the market for affordable, ethical loans and saving products. Incorporating Caroma into the Engage offer can revolutionise the credit union market by bringing a world-class solution with every accreditation for financial stability, trust, security and regulatory requirements, not to mention the speed of delivery to meet members’ needs. Its flexible configuration ensures is open to all credit unions and community banks.”