The Financial institution of London declares a strategic partnership with funds specialists, allpay Restricted, to simplify and expedite funds for everybody, whether or not they have a checking account or not, by means of simply manageable pay as you go playing cards.
As a part of the multi-year strategic partnership, the 2 firms will leverage their respective strengths and experience to develop allpay’s pay as you go card enterprise within the public sector and assist organisations centered on offering focused care and assist. That is significantly necessary in social housing, wellbeing, and welfare.
allpay is a market chief of cost companies within the UK public and social housing sector, offering a variety of cost channels to greater than 50% of UK native authorities, giant nationwide public sector our bodies, the Scottish Authorities and 90% of the UK’s high 200 housing associations. allpay handles almost £9 billion in cost transactions yearly and serves greater than 4.5 million finish clients.
“At allpay, we’re working to higher serve the wants of thousands and thousands of people that need to pay for items and companies and handle their payments in probably the most versatile, handy and safe manner,” mentioned allpay’s Managing Director, Michelle Pacey. “We’re dedicated to driving monetary inclusion for companies and people. The Financial institution of London understands the significance of what must be performed and the best way to assist us to make this a actuality,” added Tony Killeen, Founder and Entrepreneur.
The Financial institution of London Group CEO and Founder Anthony Watson CBE mentioned: “allpay has an bold progress technique centered on uplifting folks and communities in ways in which champion monetary empowerment. We’re proud to be supporting their enterprise with a partnership designed to ship actual innovation, efficiencies, and progress for allpay and the thousands and thousands of individuals it serves.”
Underneath the phrases of the partnership, The Financial institution of London will handle cost circulate wants between allpay, plenty of the shoppers it helps, and people utilizing monetary assist top-ups on pay as you go playing cards. This implies ensuring funds are routed precisely and effectively to meant recipients.
By partnering with The Financial institution of London, allpay advantages from the financial institution’s purpose-built platform and some of the complete, trendy, and versatile financial institution API choices within the UK market.
The financial institution has a really totally different enterprise mannequin to just about each different financial institution. It doesn’t mortgage, lend or leverage any shopper or buyer cash like different banks do. All deposits are held on the Financial institution of England, out there on demand. This ‘safer by design’ method centered on supporting shoppers and uplifting their worth proposition was a main consideration with the partnership.
With a showcase on cutting-edge cost applied sciences in addition to additional info on the brand new partnership and market engagement into what it means to the sector transferring ahead, allpay’s stand (#7E90) at Money20/20 in Amsterdam June 4-6, will take centre stage for all issues finance and funds.
