The Bank of London has teamed up with payments solution provider allpay to modernise banking and payments in the UK social housing market.
As part of a multi-year partnership, both parties aim to streamline and accelerate payments for everyone, regardless of whether they have a bank account by using easily manageable prepaid cards.
Besides, the two companies will utilise their individual strengths and expertise to expand the prepaid card business of allpay in the public sector and to assist organisations dedicated to offering targeted care and support.
The Bank of London will also handle payment flow requirements between allpay, several of its supported clients, and individuals utlising financial assistance top-ups on prepaid cards.
By partnering with the British clearing, correspondent and wholesale bank, allpay is expected to benefit from the bank’s purpose-built platform as well as flexible bank application programming interface (API) offerings in the UK market.
The Bank of London group CEO and founder Anthony Watson 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.”
Based in the UK, allpay offers payment services in the British public and social housing sector.
It is said to deliver an array of payment channels to over 50% of UK local authorities, large national public sector bodies, the Scottish government, and 90% of the UK’s top 200 housing associations.
According to allpay, it manages approximately £9bn in payment transactions every year and caters to more than 4.5 million end customers.
Allpay 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.”
