The Bank of London has partnered with payments specialist allpay Limited to enhance prepaid card services, aiming to support financial management and inclusion. This collaboration will leverage their combined expertise to expand allpay’s prepaid card business within the public sector, particularly in areas like social housing, wellbeing, and welfare.
Allpay, serving over 50% of UK local authorities and handling nearly £9 billion in transactions annually, is known for its range of payment solutions that cater to public sector bodies and housing associations. The partnership aims to streamline payment flows between allpay’s clients and end-users, ensuring efficient and accurate financial support top-ups on prepaid cards.
Anthony Watson CBE, Group CEO and Founder of The Bank of London, praised allpay’s focus on financial empowerment and community upliftment. He emphasized the partnership’s potential to drive innovation, efficiency, and growth for allpay and its millions of users.
Michelle Pacey, Managing Director at allpay, highlighted their commitment to flexible, convenient, and secure financial services. Tony Killeen, Founder of allpay, underscored the partnership’s role in advancing financial inclusion, supported by The Bank of London’s unique business model, which safeguards deposits at the Bank of England, ensuring funds are always available on demand.
This strategic alliance is designed to foster financial inclusion and empowerment, utilizing The Bank of London’s robust platform and API offerings to enhance allpay’s service delivery in the public sector. By providing a safer, more efficient financial management system, the partnership aims to benefit millions of users across various sectors.
