The Association of British Credit Unions (ABCUL) has just launched a low-cost prepaid Visa card for credit union members. The launch follows a period of intense development, led by Bayberry, to bring this innovative product to the UK market. ABCUL knew that many of its member credit unions were interested in offering a prepaid card, seeing it as a valuable addition to a growing portfolio of modern, flexible banking services for its members. ABCUL also understood the flaws inherent in many of the current market offerings. Bayberry was appointed to investigate and design the new offering.
ABCUL's Prepaid Card
The credit union prepaid card’s innovation comes in two parts: Firstly, it supports automated reloads and offers functionality specific to the needs of credit union members who may otherwise not be able to access current accounts. Secondly, we specifically created a business model that disintermediated third-parties in the payments value chain to ensure that the service was owned by the credit union movement and was efficient in its operation and cost structure. The prepaid card is also an example of shared services and cooperation between credit unions to deliver competitive financial products to the market by using economies of scale.