Pay as you go playing cards permit customers to handle their funds responsibly, giving them the flexibility to cap how a lot they will spend. Trying to make sure this course of is easy and accessible to everybody, the Financial institution of London has introduced a partnership with funds specialists, allpay Restricted.
Collectively, the businesses will leverage their respective strengths and experience to develop the allpay pay as you go card enterprise within the public sector. They can even assist organisations centered on offering focused care and assist. That is significantly vital in social housing, wellbeing, and welfare.
allpay supplies a spread of fee channels to greater than 50 per cent of UK native authorities, massive nationwide public sector our bodies, and the Scottish Authorities. To not point out, 90 per cent of the UK’s prime 200 housing associations. The corporate additionally handles practically £9billion in fee transactions yearly. Moreover, it serves greater than 4.5 million finish prospects.
The Financial institution of London group CEO and founder Anthony Watson CBE stated: “allpay has an bold progress technique. It’s centered on uplifting individuals and communities in ways in which champion monetary empowerment. We’re proud to be supporting their enterprise. Our partnership is designed to ship actual innovation, and efficiencies, in addition to progress for allpay and the thousands and thousands of individuals it serves.”
How The Financial institution of London is supporting allpay
Underneath the phrases of the partnership, The Financial institution of London will handle fee circulate wants between allpay, a variety of the purchasers 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. That is along with its complete, trendy, and versatile financial institution API choices.
“We’re working to raised serve the wants of thousands and thousands of people that wish to pay for items and companies and in addition handle their payments in essentially the most versatile, handy and safe manner,” stated 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 executed. It can assist us to make this a actuality,” added Tony Killeen, founder and entrepreneur, allpay.
The financial institution has a really completely different enterprise mannequin to just about each different financial institution. It doesn’t mortgage, lend or leverage any consumer or buyer cash like different banks do. All deposits are held on the Financial institution of England, obtainable on demand.
This ‘safer by design’ strategy centered on supporting purchasers and uplifting their worth proposition was a main consideration with the partnership.
