The Bank of London has announced a strategic partnership with allpay, 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.
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allpay provides 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 £9bn in payment transactions annually and serves more than 4.5 million end customers.
By partnering with The Bank of London, allpay benefits from the bank’s purpose-built platform and flexible bank API offerings
allpay’s Managing Director, Michelle Pacey, said: “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.”
Tony Killeen, allpay Founder, added: 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.”
The Bank of London Group CEO and Founder Anthony Watson, commented: “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.”
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By GlobalDataUnder 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.
