The HM Treasury has selected incuto as the technology partner for the pilot of its savings scheme designed for credit unions.

Under the scheme, savers will receive cash prizes.

The aim is to enable credit unions serve as a strong competitor to banks as well as short-term, high-cost lenders.

incuto CEO Andrew Rabbitt said: “Our technology allows credit unions and other community-based banks and lenders to digitise the customer journey, as well as tackling financial exclusion via access to a bank account, sort code and debit card.

“Alongside the technology, partnerships with Starling Bank, Post Office, Vocalink, Telefonica, Mastercard and Experian give people better access to free-to-use services.

“It’s not just about enabling people to manage their money online, it’s about giving them financial freedom and the same level of interaction and engagement that they would receive from a high-street or online bank.”

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The saving scheme’s pilot will take place over two years.

A total of 15 credit unions will take part in the pilot.

The participants include 1st Alliance (Ayrshire) Credit Union, Bradford District Credit Union, Central Liverpool Credit Union, East Sussex Credit Union, Nottingham Credit Union, and London Capital Credit Union.

Economic secretary to the Treasury John Glen said: “Connecting credit unions to innovative Fintech solutions will play an important role in raising awareness and driving membership of social and community lenders.”