Allpay taps Bank of London Partner to Enhance Payment Solutions

UK paytech company Allpay has entered into a multi-year strategic partnership with the Bank of London to streamline and accelerate payments through easily manageable prepaid cards. This initiative aims to benefit individuals with or without bank accounts.

Founded in 1994, Allpay serves around 90% of the UK’s top 200 housing associations and 50% of local authorities, offering various payment channels primarily for the public and social housing sector. This partnership will leverage the strengths of both companies to enhance Allpay’s prepaid card services in the public sector, particularly supporting social housing, welfare, and well-being organisations.

Using the Bank of London’s platform, Allpay will manage payment flows between its clients and those receiving financial support via prepaid cards. The partnership ensures that payments are routed accurately and efficiently to the intended recipients.

The Bank of London, a sovereign-system reserve bank, distinguishes itself from traditional banks by not lending or leveraging client funds. All deposits are held at the Bank of England and are accessible on demand. The bank also offers end-to-end Banking-as-a-Service (BaaS) products and services, including payments, cards, and multi-currency accounts.

Anthony Watson CBE, Group CEO and founder of the Bank of London, stated, “Allpay has an ambitious growth strategy focused on uplifting people and communities in ways that champion financial empowerment.”

This collaboration is set to enhance financial inclusion and support targeted care efforts across the UK public sector.