The Bank of London has announced an exciting strategic partnership with payments specialist allpay Limited, aiming to revolutionize payment processes with easily manageable prepaid cards. This collaboration is designed to make payments more accessible and efficient for everyone, whether they have a bank account or not.
In this multi-year strategic partnership, both companies will leverage their strengths to expand allpay’s prepaid card business, particularly in the public sector. This initiative will support organizations focused on providing targeted care, such as social housing, wellbeing, and welfare services.
allpay’s Market Leadership
allpay is a dominant player in the UK’s public and social housing sector, servicing over 50% of UK local authorities, large national public sector bodies, the Scottish Government, and 90% of the UK’s top 200 housing associations. Handling nearly £9 billion in transactions annually, allpay serves over 4.5 million end customers.
Michelle Pacey, Managing Director of allpay, emphasized their commitment: “We aim to meet the needs of millions who want flexible, convenient, and secure payment methods. This partnership with The Bank of London will enhance our ability to drive financial inclusion for businesses and individuals.”
Driving Financial Empowerment
Anthony Watson CBE, CEO and Founder of The Bank of London, highlighted the partnership’s goals: “allpay’s ambitious growth strategy focuses on uplifting communities through financial empowerment. We are proud to support them with a partnership that will drive innovation, efficiency, and growth for allpay and the millions they serve.”
Under the partnership, The Bank of London will manage payment flows between allpay and its clients, ensuring accurate and efficient routing of payments to recipients. This collaboration benefits from the bank’s purpose-built platform and comprehensive, flexible bank API offerings.
Unique Business Model
The Bank of London’s business model stands out as it does not loan, lend, or leverage client money. All deposits are held at the Bank of England and are available on demand, embodying a ‘safer by design’ approach that supports client value propositions, a key factor in the partnership.
Showcasing at Money20/20
For a closer look at cutting-edge payment technologies and insights into the new partnership, visit allpay’s stand (#7E90) at Money20/20 in Amsterdam, June 4-6. The event will highlight the future of finance and payments.
