The Bank of London partners with allpay

Friday 31 May 2024 14:06 CET | News

The Bank of London has partnered with allpay Limited to simplify and expedite payments for people with or without a bank account, through easily manageable prepaid cards.

As part of the multi-year partnership, the two companies are set to 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.

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 of London has partnered with allpay Limited to simplify and expedite payments for people with or without a bank account, through easily manageable prepaid cards. The Bank of London has partnered with allpay Limited to simplify and expedite payments for people with or without a bank account, through easily manageable prepaid cards.

allpay is a player in 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 GBP 9 billion in payment transactions annually and serves more than 4.5 million end customers.

Officials from allpay stated that the company is committed to driving financial inclusion for businesses and individuals. The Bank of London understands its commitment regarding the importance of what needs to be done and how to help allpay to make this a reality.

About allpay

allpay has been at the forefront of payment aggregation, processing over GBP 8.8 billion annually for over 900 public and private sector entities. With over three decades of experience, it now processes in excess of 90 million transactions annually, offering a comprehensive bill payment solution that encompasses all major payment methods.

The company serves over 500 Housing Associations (HAs) and ALMOs, with 90% of the top 250 HAs in England and nearly 60% of all UK Local Authorities (LAs) choosing allpay for their bill payment services.

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Keywords:	partnership, bank account, banks, payments , payment processing
Categories:	Banking & Fintech
Companies:	Allpay, The Bank of London
Countries:	United Kingdom

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