Modifying a treasury policy with ease
With the FCA urging credit unions to ensure they have a clear investment strategy document, explaining the Insignis Cash concept to Newport Credit Union’s board was a priority for Len. He told us that credit unions can end up not reviewing their treasury policy very often, because it is a long process and any change usually takes an inordinate amount of time and organisational effort.
“The board of Newport Credit Union meets on a monthly basis. An approach has to be agreed and approved, then the documentation has to be generated, and so on. It’s time consuming,” he describes.
However, Insignis Cash has made this process much easier and faster, thanks to its banking panel of rates and terms. This makes it highly convenient for the Treasurer, Board members and the Finance Team to see where the funds are invested, and for what duration. They can also see what other investment opportunities are available, all on one screen.
“Insignis Cash presents you with so much information in a very straightforward way,” Len opines.
“You can understand very clearly what products and terms you’re looking at. It’s also hard-wired into our core bank account, so in terms of a risk package, it’s as good as you’re probably going to get. That reassures a board, and then helps us put a policy in place to agree where our funds should be invested.”