UK-headquartered payments Fintech, allpay Limited, have teamed up with Salt Edge, a key player in Open Banking services, to enable businesses to offer customers, including people with vulnerable financial situations, a convenient payment experience, being a part of the larger financial inclusion initiative of the firm.
allpay was launched in 1994, offering swipe card payment facilities to enable revenue collection for local government and housing associations. With a goal to work with each of their customers to lower costs, allpay developed modern payment systems that are cost-effective and convenient for the end-consumer.
allpay are committed to financial inclusion and creating opportunities for businesses and individuals, particulary those from vulnerable groups.
Their tech allows individuals to access various financial products and services suited to their requirements, delivered in a sustainable manner. Last year, allpay was recognized with a financial inclusion award win at the FStech Awards for enabling the disbursement of vital funds to low-income families.
Intending to support financial inclusion and provide innovative services, allpay became fully Open Banking compliant providing clients the option to connect their allpay accounts to other apps to share data and complete payments.
Michelle Pacey, Managing Director at allpay, remarked:
“Working with Salt Edge allows allpay to grow its presence within the Open Banking sectors with exciting new products such as Confirmation of Payee (CoP) and A2A payments. Offering API technology enables seamless integration with clients leveraging the latest technology to improve client and end-users user experience journey.”
This partnership allows allpay banking cardholders in the United Kingdom to easily connect their allpay prepaid accounts to third-party providers, other banking service providers, building societies, as well as financial service providers, and get a full view of their transactions and balance, utilize budgeting tools, and make payments seamlessly.
allpay’s aim is to provide flexibility and security to their intended market – bill payers within the UK, which includes the most vulnerable groups within this space.
The collaboration will focus on enhancing allpay’s existing product suite while also building on opportunities within other markets in the UK and other jurisdictions.
The collab with Salt Edge adds another layer of security and flexibility-based improvements to allpay’s portfolio, reckoning with the firm’s ambitions to broaden the current market coverage.
Vasile Valcov, Chief Commercial Officer at Salt Edge, said:
“Living in the current uncertain times increases the need for digital financial inclusion. Open banking is a major step towards inclusive growth, facilitating access to financial services for helping the financially excluded population. Teaming up with allpay and knitted by a common goal, here at Salt Edge we concentrate all the efforts to make financial services affordable for people and sustainable for businesses, thus improving the overall quality of their lives.”
