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Special event marks CUEP progress


01 Dec 16

A special reception in London has marked the progress made with the Credit Union Expansion Project (CUEP).

Over 100 guests gathered at the unique setting of the Churchill War Rooms to hear a range of speakers highlight achievements to date and the next exciting stages of the Project’s rollout.

The CUEP – funded by the Department for Work and Pensions (DWP) and which ABCUL was awarded the contract to deliver – is an investment of up to £38 million to help modernise and expand the British credit union movement.

The reception was introduced by the Chair of the All Party Parliamentary Group on Credit Unions Seema Kennedy MP, and Minister for Welfare Reform Lord Freud – who has had Ministerial responsibility for CUEP going back to the first feasibility study in 2012 – gave his last address to a credit union event before DWP Ministerial responsibility for credit unions transfers to the Minister for Pensions Richard Harrington MP.

Guests also heard from Matthew Smith, Chief Executive of retailCURe – one of the first two credit unions (along with East London Credit Union) to go live on the Cornerstone Model CU which has been developed as part of CUEP.

Matthew Smith said: “Retailers are keen to help their staff stay on top of their finances, and retailCURe provides access to savings and affordable loans which boost employees’ financial health.

“Quick and easy access to banking services is essential for modern consumers, and we’re delighted that the Cornerstone Model CU delivers this through a range of channels including a mobile banking app as good as any on the market.”

The Cornerstone Model CU uses the Fiserv Agiliti banking platform, and Fiserv International Group President Steve Tait outlined the benefits this platform brings to credit unions and their members.

ABCUL Chief Executive Mark Lyonette also addressed the reception, and said: “The Credit Union Expansion Project demonstrates both that working together on a major co-operative project is difficult – and that it is definitely worth it.

“It’s great to see the first two credit unions live on the Cornerstone Model CU with the benefits this is bringing to their members, and 2017 is set to be a very exciting year for the British credit union movement with many more credit unions scheduled to migrate to the Model CU.”

Earlier in the day, key personnel from the credit unions that are adopting the Cornerstone Model CU met at Central Hall Westminster to share learning and ideas in preparation for their migration.

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