Allpay and The Bank of London partner to streamline payments for the UK social housing sector
UK paytech Allpay has signed a multi-year strategic partnership with the Bank of London in an effort to “simplify and expedite payments for everyone, whether they have a bank account or not, through easily manageable prepaid cards”.
Allpay signs multi-year partnership with The Bank of London
Founded in 1994, Allpay primarily serves the UK public and social housing sector, providing a range of payment channels to approximately 90% of the UK’s leading 200 housing associations and 50% of local authorities.
Through the partnership, the companies intend to leverage their “respective strengths and expertise” to expand Allpay’s prepaid card offering in the public sector. They will also look to support organisations focused on providing “targeted care” and assistance, particularly in social housing, welfare, and wellbeing.
Allpay will utilise The Bank of London’s platform to manage the payment flows between a number of its clients and those using financial support top-ups on prepaid cards.
“This means making sure payments are routed accurately and efficiently to intended recipients,” the firms say.
Unlike traditional banks, The Bank of London, a sovereign-system reserve bank, does not lend, loan, or leverage any client or customer funds. Instead, all deposits are held at the Bank of England and are accessible on demand.
The company also provides non-bank firms end-to-end BaaS products and services, offering embedded financial services from payments and cards to multi-currency current, deposit, safeguarding or savings bank accounts.
Commenting on the new partnership, The Bank of London Group CEO and founder Anthony Watson CBE, states: “Allpay has an ambitious growth strategy focused on uplifting people and communities in ways that champion financial empowerment.”
