The UK-based ClearBank has partnered with Allpay to offer its “banking-lite” services for the prepaid card market.
ClearBank has built a new technology platform (on Microsoft Azure) for clearing and settlement services allowing Allpay to provide a virtual account platform to its clients and customers, with access to Bacs, Chaps and Faster Payments.
Alongside Allpay’s existing digital payment solutions, such as standing orders, direct debits and card payments, the partnership is aimed at reducing costs and administration by streamlining audit trails and accounting functions.
Allpay Limited works with central government departments, social housing, education, credit unions debt collection agencies, and energy companies to facilitate the collection and receipt of revenues. It processes nearly GBP 8 billion a year from more than 67 million transactions. The business is part of Allpay Limited, established in 1994.