CUSOP (Credit Union Services Organisation for Payments) CUSOP was set up and began operating in 2013 in the Republic of Ireland and is owned and funded by Credit Unions in Ireland.
The CUSOP solution enhances the service offered to Credit Union members by enabling them to make payments from and receive payments directly into their Credit Union accounts and benefit from faster access to funds. This allows straight through processing, using standard sort codes and account numbers / IBAN, to ensure funds are lodged in a member’s account and available to be paid out more quickly.
ice cube and CUSOP
ice cube has been working very closely with CUSOP since the very start and we have so far rolled out a quarter of the Credit Unions currently live on the solution in the Republic of Ireland. Phase 1 of the service supports credit payments, including standing order processing. Phase 2 supports the direct debit solution. Phase 1 and 2 have already been rolled out in the Republic of Ireland and on November 22nd 2016, ice cube customer, Antrim Credit Union were the first Credit Union in Northern Ireland to “go live” on the CUSOP platform.
Since CUSOP initially began processing transactions, ice cube has facilitated over €103.6 Million incoming transactions and over €88.5 Million outgoing transactions. On average the savings per transactions have been around 23% for both the Credit Union and the Member.