London, UK – The Bank of London has announced a strategic partnership with payment specialists allpay Limited to simplify and expedite payments for everyone, regardless of whether they have a bank account. This initiative leverages easily manageable prepaid cards to enhance financial inclusion.
The multi-year partnership aims to expand allpay’s prepaid card business in the public sector, particularly supporting organizations focused on social housing, wellbeing, and welfare. Allpay, a market leader in payment services for the UK public and social housing sector, manages nearly £9 billion in transactions annually and serves over 4.5 million customers.
Michelle Pacey, Managing Director of allpay, stated: “At allpay, we’re dedicated to better serving millions of people by providing flexible, convenient, and secure payment solutions. This partnership with The Bank of London is crucial for driving financial inclusion.”
Anthony Watson CBE, Group CEO and Founder of The Bank of London, added: “We are proud to support allpay’s ambitious growth strategy focused on uplifting people and communities. This partnership will deliver real innovation, efficiencies, and growth for allpay and its customers.”
The Bank of London will manage payment flows between allpay, its clients, and users of prepaid card financial support top-ups. The partnership benefits from The Bank of London’s modern and flexible bank API offerings, designed to ensure accurate and efficient payment routing.
The Bank of London’s unique business model, which does not loan or leverage client money, ensures that all deposits are held at the Bank of England, available on demand. This approach was a primary consideration for the partnership.