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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.

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