This partnership enables allpay banking cardholders in the UK to securely connect their allpay prepaid accounts to third-party providers (TPPs), other banks, building societies, and financial service providers, and simultaneously get a full view of their transactions and balance, use budgeting tools, and make payments faster.
Michelle Pacey, Managing Director at allpay has stated in the company statement that working with Salt Edge allows allpay to grow its presence within the Open Banking sectors with exciting new products such as Confirmation of Payee (CoP) and A2A payments, while offering API technology enables an easier integration process, the company official explained.
Established in 1994, allpay provides swipe card payment facilities to allow revenue collection for local government and housing associations. The company is reportedly committed to financial inclusion and creating opportunities for both businesses and individuals, especially those from vulnerable groups.
allpay’s goal is to offer flexibility and security to their current target market - bill payers within the UK, which also includes the most vulnerable groups within this space. The partnership is meant to better allpay's existing product suite while building on opportunities within future markets both in the UK and beyond.
Furthermore, allpay’s technology enables individuals to access affordable financial products and services suited to their needs, delivered in a responsible and sustainable way. In order to promote this agenda and provide more secure services, allpay became fully Open Banking compliant offering customers the possibility to connect their allpay accounts to other apps to share data and initiate payments.
Vasile Valcov, Chief Commercial Officer at Salt Edge postulated that Open Banking is a major step towards facilitating access to financial services for helping the financially excluded population.
Salt Edge is a financial API platform with PSD2 and Open Banking solutions for every business. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable connections between financial institutions and their customers. The company is integrated with 5,000+ financial institutions in 50+ countries.
Most recently, Netherlands-based B2B fintech platform Finom has started collaborating with Salt Edge to leverage PSD2 possibilities for SMEs and professionals across Europe. The Dutch B2B fintech company blends together accounting, financial management, and banking functions for early-stage businesses, SMEs, and freelancers into one cross-device product.
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