allpay taps Salt Edge to boost financial inclusion with open banking
20th October 2022
UK-based payments specialists, allpay Limited, have joined forces with Salt Edge, a leader in Open Banking solutions, to allow the business to provide clients, including people with vulnerable financial situations, a seamless payment experience, being a part of the wider financial inclusion initiative of the company.
allpay was established in 1994, providing swipe card payment facilities to allow revenue collection for local government and housing associations. With an aim to work with each of their clients to reduce costs, allpay created a suite of modern payment systems that are both cost-effective and convenient for the end consumer.
allpay are committed to financial inclusion and creating opportunities for both businesses and individuals, especially those from vulnerable groups. Their technology enables individuals to access affordable financial products and services suited to their needs, delivered in a responsible and sustainable way. In 2021 allpay was recognised with a financial inclusion award win at the FStech Awards for enabling the disbursement of vital funds to low-income households. Intending to promote financial inclusion further and provide more secure and innovative services, allpay became fully Open Banking compliant offering customers the possibility to connect their allpay accounts to other apps to share data and initiate payments.
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 enables allpay banking cardholders in the UK to securely connect their allpay prepaid accounts to third-party providers (TPPs), other banks, building societies, and financial service providers, and simultaneously get a full view of their transactions and balance, use budgeting tools, and make payments faster. allpay’s goal is to offer flexibility and security to their current target market – bill payers within the UK, which also includes the most vulnerable groups within this space. The collaboration aims to improve allpay’s existing product suite while building on opportunities within future markets both in the UK and further afield. The partnership with Salt Edge adds an additional layer of security and flexibility-based enhancements to allpay’s existing portfolio, reckoning with the company’s strategic ambitions to widen the existing market coverage.
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.
We are the market leader in payment services within the UK public and social housing sector, providing our range of payment channels to more than 50% of UK local authorities and 90% of the UK’s top 200 housing associations. Established in 1994, we were built on the foundations of providing bill payment services – primarily to the public sector – and this year we will handle £8.5 billion serving over 4.5 million end customers. With an aim to work with each of our clients to reduce costs, we have created a suite of modern payment systems that are both cost-effective and very convenient for the end consumer. As part of our commitment to clients, we meet high standards of quality and security, achieving PCI DSS compliance alongside a comprehensive range of ISO certifications. We are also committed to managing our growth responsibly to continue to make a positive contribution to the community and to the environment, as well as the workplace.
More information: www.allpay.net
About Salt Edge
Salt Edge – a financial API platform with PSD2 and open banking solutions for every business. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5,000+ financial institutions in 50+ countries.