CUSOP is a credit union owned shared services company set up in 2013 by the ILCU and credit unions to develop a standardised payment services operating model. CUSOP’s mandate is to be the provider of choice to all credit unions for payment products and services that add value to the credit union movement throughout the island of Ireland. CUSOP is open to any credit union on the island of Ireland to join.
The service allows credit unions to extend their product suite by enabling them to offer payment services to credit union members (Credit Transfers, Standing Orders, Direct Debits).
Republic of Ireland: CUSOP currently provides SEPA Credit Transfer and SEPA Direct Debit services to credit unions in the Rep. of Ireland with more than 20 million electronic transactions processed for members in 2020.
- Northern Ireland: CUSOP processes credit transfers (including standing orders) for Northern Ireland credit unions and is also currently developing a direct debit module for release in 2020.
MPCAS/ Debit Card Service: CUSOP is supporting eligible credit unions to apply for MPCAS regulatory approval and in developing the MPCAS service including provision of debit card services. Supporting credit unions to deliver the new MPCAS/Debit Card service complements the existing services provided by CUSOP and will provide a ‘One Stop Shop’ for credit unions to have their payment services managed through one shared service provider and to benefit from economies of scale.
Switch-Over: CUSOP engages and supports credit union staff and works with IT service providers to ensure a seamless and efficient switches between payments platforms.
To find out more go to www.cusop.ie | email us at firstname.lastname@example.org | phone us on 01 6146980
CUSOP (Payments) DAC t/a CUSOP is regulated by the Central Bank of Ireland. CUSOP also acts as a technical services provider in respect of the provision of Direct Debits, which is a non-regulated activity.