allpay and ClearBank to deliver ‘banking-lite’ services

allpay is partnering with ClearBank to deliver what they describe as ‘banking-lite’ services for the growing UK prepaid card market.

allpay is the UK’s largest Bill Payment collections provider and prepaid card specialist, and ClearBank the UK’s first new clearing bank in 250 years. allpay’s prepaid card provides payment and banking solutions to central and local government agencies and the housing and charity sectors in the UK.

ClearBank is 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. It said that 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.

Managing Director and founder of allpay Tony Killeen 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.”

Executive Chairman and founder of ClearBank Nick Ogden 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.”

(picture shows Tony Killeen, allpay, and Nick Odgen, ClearBank)