At Insignis Cash, we work with a diverse range of non-profit organisations across the UK, including credit unions. We recently spoke with Len Casley, General Manager of Newport Credit Union, to learn how Insignis Cash supports his organisation in managing risk and streamlining operations. Len, who joined Newport Credit Union in 2022 after a 30-year career in investment and corporate banking, shared how our platform has made a real difference in simplifying their cash management.
Read on to discover how Newport Credit Union has transformed its investment approach, improved administrative efficiency, and gained better control over its cash reserves.
Len recalls how time-consuming the investment process used to be. “Moving cash around involved a long string of emails, letters, and multiple signatures from the board,” he explains.
With just one set of documents, Newport Credit Union now has access to a wide panel of FCA and PRA-regulated financial institutions. This has allowed Len and his team to focus on a strategic approach to cash management, matching available cash with pre-approved banks and suitable investment terms.
“Signing with Insignis Cash gave us access to a whole range of new banks and products,” Len says. “As long as the investment meets both the institution’s and our criteria, we can proceed quickly and easily, without the need for multiple steps.”
Before working with Insignis Cash, Newport Credit Union’s cash reserves were concentrated with just two building societies. This approach wasn’t ideal, as credit unions don’t receive the same level of protection from the FSCS as other entities. Len recognised the need to diversify their holdings to reduce risk.
“Insignis Cash allows me to view the full yield curve and choose the best opportunities for our needs,” Len explains. “We need to maintain liquidity to meet our members’ demands, so we focus on investments of up to six months. The portal also provides a clear overview of our exposure to any one institution, which helps us manage risk more effectively.”
This greater flexibility has allowed Newport Credit Union to utilise the yield curve in ways they hadn’t been able to before, providing better returns while keeping their funds safe.
Updating a credit union’s treasury policy can be a lengthy and complex process, often requiring multiple board meetings and a lot of documentation. Len emphasised that this had been a particular challenge for Newport Credit Union.
“The board meets monthly, and any changes need to be agreed upon and approved before the necessary documentation can be prepared,” he says. “It’s a time-consuming process.”
However, the Insignis Cash platform has made it easier for Len and his team to update their policy. With all investment opportunities and rates available in one place, the board can make informed decisions more quickly, reducing the time and effort involved in managing their investments.
“Insignis Cash presents the information clearly, so everyone understands the products and terms available. This transparency reassures the board and allows us to confidently agree on where our funds should be invested,” Len adds.
Len is clear about Insignis Cash’s impact on Newport Credit Union’s financial resilience. The credit union has strengthened its position by taking advantage of favourable interest rates and diversifying its investments.
“The returns we’ve been able to achieve are crucial for covering our day-to-day expenses,” Len explains. “As a small credit union, we need to be able to absorb unexpected costs, like rising energy prices. Insignis Cash has enabled us to take a more professional approach to managing our finances, ensuring we can continue to serve our members effectively.”
Through its partnership with Insignis Cash, Newport Credit Union has not only simplified its investment process but also improved its overall financial management, helping it navigate the challenges of today’s economic environment.