This page is intended to give a broad introduction to business as mission in the form of some extended answers to often asked questions. We welcome your comments!
Please click on any of the Frequently Asked Questions links to below to find answers.
CUSOP services have been deemed VAT exempt by Revenue and as such no VAT will be payable on fees due to CUSOP by credit unions.
CUSOP transaction fees and charges are based on the cost of providing the service by CUSOP. These include the fixed overhead of running the company and the costs charged by service suppliers to CUSOP. In addition CUSOP must build up its capital base to meet the regulatory capital requirements set by the Central Bank of Ireland.
CUSOP would welcome new applicants as members. If you are interested in joining CUSOP please complete an ‘Expression of Interest’ form, a copy of which is contained in this pack or alternatively please contact firstname.lastname@example.org.
One of the most important factors to consider in the provision of electronic funds transfer capability is ensuring that funds are made available to members in line with regulatory requirements. CUSOP will consider this requirement with each credit union interested in joining CUSOP’s service.
Subject to the credit union meeting CUSOP’s due diligence criteria (based on already existing regulatory requirements) there is no impediment to small credit unions joining CUSOP.
CUSOP provides a single payments platform which is purpose built and dedicated to credit unions. CUSOP provides a ‘shared service’, with potential for economies of scale. The platform uses the same account numbering architecture as the banks. CUSOP aims to enable all credit unions to have access to payment services in a standard and cost efficient manner.
The beneficiaries of CUSOP are the participating credit unions so the benefits of economies of scale and ultimately profits / development of new services will be passed back to these credit unions. The more credit unions that participate in CUSOP the more beneficial it will be for all participants.
Danske Bank is CUSOP’s partner bank, Corporate & Institutional Division. CUSOP has a contract in place with Danske for the provision of Electronic Payment Services.
CUSOP currently provides SEPA Credit Transfers (SCTs) and SEPA Direct Debits and a Debit Card is planned to follow.
CUSOP (Payments) Limited is a payment institution authorised and regulated by the Central Bank of Ireland. CUSOP was established to develop a single payments platform for participating credit unions to enable them to provide electronic payment services to their members.
CUSOP is a ‘not for profit’ organisation set up for the benefit of participating credit unions.