Saturday, Jan 23, 2021
International Finance
Banking Fintech

allpay Limited and ClearBank to transform the UK prepaid and bill payments market

allpay, ClearBank, UK, prepaid, bill payments, cloud-based digital payments, banking, ClearBank, cloud, Microsoft Azure platform
The partnership with ClearBank allows allpay to have access to a cloud-based, purpose-built, secure banking platform, providing the industry with resilience, security and scalability

allpay Limited, a leading Bill Payment collections provider in the UK and Prepaid Card specialist is partnering with ClearBank 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. British banking revolution ClearBank is the UK’s newest clearing bank. They have designed and built a 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 payment solutions company 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.”

Nick Ogden, executive chairman and founder of ClearBank said: “allpay chose us because of our market-leading service levels, system resilience and cloud-based, scalable platform.It is important for allpay to have a trusted partner that can enhance their technology led products and services.We are absolutely delighted with this partnership and look forward to working with allpay on bringing new and enhanced products and services to a vast range of public and private sector organisations.”

Bill Wiggin, MP for North Herefordshire said: “Working with allpay, I am delighted with this private sector initiative that supports the Government’s Universal Credit strategy which, we believe will increase wider financial inclusion. This is only to be encouraged in an ever increasing digital environment.”

The company sees a strong future in cloud-based digital payments and banking services with a foundation built on the ClearBank platform. There are exciting plans to expand its range of products and services into new markets, moving from a traditional B2B into a wider B2B2C environment. allpay’s prepaid card business will be the first allpay product that switches to ClearBank, ahead of other payment services that will follow later in the year.

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