Wellington IT has forecast that it will save its clients in the credit union sector over €5m in the next three years with the launch of its revolving credit loan product.
The company, which is the technology partner for the credit union sector, has developed software that enables credit union members to apply for one larger loan with the option to draw down as much or as little as they wish over a specified period of time, typically three years, rather than multiple small or top-up loans.
Funds can be withdrawn online or via ellington's cuMobile app.
WellingtonIT claims its technology means credit unions need only process a single loan once every three years, reducing costs and administrative burden and freeing up employees to focus on other areas of the business while reducing paperwork for applicants.
"Revolving Credit offers members more choice and flexibility when it comes to taking out loans. These easily-managed loans are more attractive than credit cards or overdrafts, providing ease of access to finance and without gathering and submitting collateral each time," said Ian Glenn, managing director of Wellington IT.
In Association with
"It also delivers efficiencies to credit unions as it reduces the amount of top-up loans applied for, thus reducing paperwork and time spent processing loan applications.
“Members can now carry out all their banking services with their local credit union, including flexible loans, current accounts, and mobile and online banking. Our vision is to help credit unions become viable alternatives to traditional banks and the introduction of Revolving Credit is the latest step in this journey.”
Tipperary Credit Union is one of the first to adopt the service. IT manager Brendan Ryan expects the revolving credit loan product to reduce admin and paperwork.
Part of Canada's Volaris Group, Wellington IT has offices in Belfast, Cork and Dublin and is the only software provider in Ireland that can offer a core financial system, online and member services as well as the ability to offer current accounts and a managed IT service.
Photo: Brendan Ryan (left) and Ian Glenn
