Allpay and The Bank of London partner to streamline payments for the UK social housing sector

Allpay Signs Multi-Year Partnership with The Bank of London:

• Partnership Goals:
  • Simplify and expedite payments using prepaid cards.
  • Target both banked and unbanked individuals.
• Company Backgrounds:
  • Allpay:
    • Founded in 1994.
    • Serves the UK public and social housing sector.
    • Provides payment channels to ~90% of leading UK housing associations and 50% of local authorities.
  • The Bank of London:
    • Does not lend or leverage client funds.
    • Holds deposits at the Bank of England.
    • Offers Banking-as-a-Service (BaaS) products, including payments, cards, and multi-currency accounts.
• Partnership Details:
  • Expand Allpay’s prepaid card offerings in the public sector.
  • Support organizations focused on social housing, welfare, and wellbeing.
  • Utilize The Bank of London’s platform to manage payment flows and ensure accurate routing.
• Strategic Vision:
  • Promote financial empowerment and uplift communities.
  • Ensure efficient payment delivery to intended recipients.
• Key Statements:
  • The partnership aims to leverage both companies’ strengths and expertise.
  • Focus on providing financial support top-ups and managing payments accurately.

This partnership reflects a commitment to enhancing financial services accessibility and efficiency, particularly for the unbanked and those in need of targeted care and assistance.