well-it-logo-white-2.png
Ë

The Latest In Credit Union Insight & News

Automating the process behind 'It Makes Sense' Loans

March 30, 2020

A number of Credit Unions in Ireland are offering ‘It Makes Sense’ loans. We at Wellington IT have always been very keen to support this, as it promotes financial inclusion and social responsibility – both of which align with the Credit Union ethos of people helping people.

In these recent uncertain times with the Covid-19 outbreak, this type of initiative is even more important. However, up until late 2019, processing these loans was rather cumbersome! 

Automating the process

We love automations. So last year, we worked directly with An Post to automate the payment file upload through a file verification and upload service, which we provide via our Shared Services infrastructure.

The diagram below compares the previous manual upload that Credit Unions would have had to do to process this type of loan, versus the new automated upload that we have created for them. 

microfinance

The process now only takes a matter of seconds!

Out of our customers who offer ‘It Makes Sense’ loans, 55% of them use this automated upload and now the entire process only takes seconds to complete!

One of our customers who currently take advantage of this automation is Core Credit Union. 

Mark Ryan from Core Credit Union states:

“Core Credit Union currently process 650 PMC payments per week. This peaks at over 800 once the Christmas loan period begins.

We would not be able to process this volume of payments without automation. Core had always processed these payments through a payroll deduction format. We would receive a payment file from An Post and upload the file into Scion and process them through Contribution Update Maintenance.

The process used to take us about 10 minutes to complete.

With the file now being uploaded by Wellington, the longest part of our process is removed and PMC payments are completed in seconds”.

Conclusion

The automation has reduced manual effort and now only takes seconds to complete, as opposed to an average of 10 minutes .

Click the button below to register your interest in automating your process for ‘It Makes Sense’ Loans.

Set me up