Prepaid cards allow users to manage their finances responsibly, giving them the ability to cap how much they can spend. Looking to ensure this process is simple and accessible to everyone, the Bank of London has announced a partnership with payments specialists, allpay Limited.
Together, the companies will leverage their respective strengths and expertise to grow the allpay prepaid card business in the public sector. They will also support organisations focused on providing targeted care and support. This is particularly important in social housing, wellbeing, and welfare.
allpay provides a range of payment channels to more than 50 per cent of UK local authorities, large national public sector bodies, and the Scottish Government. Not to mention, 90 per cent of the UK’s top 200 housing associations. The company also handles nearly £9billion in payment transactions annually. Furthermore, it serves more than 4.5 million end customers.
Anthony Watson CBE, group CEO and founder, The Bank of London
The Bank of London group CEO and founder Anthony Watson CBE said: “allpay has an ambitious growth strategy. It is focused on uplifting people and communities in ways that champion financial empowerment. We are proud to be supporting their business. Our partnership is designed to deliver real innovation, and efficiencies, as well as growth for allpay and the millions of people it serves.”
How The Bank of London is supporting allpay
Under the terms of the partnership, The Bank of London will manage payment flow needs between allpay, a number of the clients it supports, and those using financial support top-ups on prepaid cards. This means making sure payments are routed accurately and efficiently to intended recipients.
By partnering with The Bank of London, allpay benefits from the bank’s purpose-built platform. This is in addition to its comprehensive, modern, and flexible bank API offerings.
“We’re working to better serve the needs of millions of people who want to pay for goods and services and also manage their bills in the most flexible, convenient and secure way,” said allpay’s managing director, Michelle Pacey.
Tony Killeen, founder and entrepreneur, allpay
“We are committed to driving financial inclusion for businesses and individuals. The Bank of London understands the importance of what needs to be done. It will help us to make this a reality,” added Tony Killeen, founder and entrepreneur, allpay.
The bank has a very different business model to pretty much every other bank. It does not loan, lend or leverage any client or customer money like other banks do. All deposits are held at the Bank of England, available on demand.
This ‘safer by design’ approach focused on supporting clients and uplifting their value proposition was a primary consideration with the partnership.
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