28th March 2018, London, allpay Limited, the UK’s largest Bill Payment collections provider and leading Prepaid Card specialist is partnering with ClearBank®, the UK’s first new, clearing bank in 250 years, to deliver innovative ‘banking-lite’ services to the growing UK prepaid card market.
allpay’s award-winning prepaid card provides payment and banking solutions to central and local government agencies and the housing and charity sectors in the UK.
The allpay prepaid card programs can incorporate everyday banking functionality for cardholders, such as direct debits, paying bills electronically and card to bank payments, together with the capability of receiving benefit and social care payments. This technology supports local authorities who need to pay funds to their customers quickly and in the most cost-effective efficient way.
British banking revolution ClearBank® is the UK’s newest clearing bank. They are the first ever clearing bank to design and build a brand new technology platform specifically for clearing and settlement services. It is neutral, independent and not constrained by legacy banking infrastructure. Its state of the art technology, built on a Microsoft Azure platform, makes it the ideal partner for allpay as it moves into agency banking.
The partnership with ClearBank® allows allpay to have access to a cloud-based, purpose-built, secure banking platform, providing industry leading resilience, security and scalability. allpay can now provide a virtual account platform to its clients and their customers, with access to Bacs, Chaps and Faster Payments. Alongside a range of digital payment solutions already established at allpay, such as standing orders, direct debits and card payments, this is clearly aimed at reducing costs and administration with the benefit of streamlining audit trails and accounting functions.
Tony Killeen, Managing Director and founder of allpay Limited said:
“There is a natural synergy between the collection of payments such as council tax and housing rent, with the paying out of funds using prepaid cards for benefits and adult social care payments. allpay was established with the intention of helping clients to save money through creating modern payment systems that are both cost- effective and convenient for the end user. Partnering with ClearBank® allows allpay to move to the next level, bringing together those natural alliances of a financially regulated business and agency banking, strengthening our prepaid solution. This is a significant step in our expansion to support the Government wide Universal Credit strategy.”
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