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.
- Allpay:
- 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.
