The Bank of London announces a strategic partnership with payments specialists, allpay Limited, to simplify and expedite payments for everyone, whether they have a bank account or not, through easily manageable prepaid cards.
As part of the multi-year strategic partnership, the two companies will leverage their respective strengths and expertise to grow allpay’s prepaid card business in the public sector and support organisations focused on providing targeted care and support. This is particularly important in social housing, wellbeing, and welfare.
allpay is a market leader of payment services in the UK public and social housing sector, providing a range of payment channels to more than 50% of UK local authorities, large national public sector bodies, the Scottish Government and 90% of the UK’s top 200 housing associations. allpay handles nearly £9 billion in payment transactions annually and serves more than 4.5 million end customers.
“At allpay, we’re working to better serve the needs of millions of people who want to pay for goods and services and manage their bills in the most flexible, convenient and secure way,” said allpay’s Managing Director, Michelle Pacey. “We are committed to driving financial inclusion for businesses and individuals. The Bank of London understands the importance of what needs to be done and how to help us to make this a reality,” added Tony Killeen, Founder and Entrepreneur.
The Bank of London Group CEO and Founder Anthony Watson CBE said: “allpay has an ambitious growth strategy focused on uplifting people and communities in ways that champion financial empowerment. We are proud to be supporting their business with a partnership designed to deliver real innovation, efficiencies, and growth for allpay and the millions of people it serves.”
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 and one of the most comprehensive, modern, and flexible bank API offerings in the UK market.
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.
With a showcase on cutting-edge payment technologies as well as further information on the new partnership and market engagement into what it means to the sector moving forward, allpay’s stand (#7E90) at Money20/20 in Amsterdam June 4-6, will take centre stage for all things finance and payments.