allpay are delighted to announce the launch of their Affirmation of Payee answer. Constructed inhouse, the know-how will permit the Hereford primarily based cost service supplier’s 16,000 Banking Lite cardholders to learn from the Open Banking ecosystem.
Prospects have the choice to hyperlink their allpay pay as you go account to different banks, constructing societies and monetary service suppliers. They will additionally utilise budgeting device apps permitting them to view balances, make funds and share transaction knowledge. As a part of the broader monetary inclusion initiative, clients can entry credit score and debt recommendation or monetary recommendation making banking on the whole easier, faster, and extra handy.
As a further fraud prevention measure, allpay are additionally introducing Affirmation of Payee (CoP) to its Pay as you go service.
With APP fraud, now value an estimated £500m, CoP will permit clients of taking part Banks, Constructing Societies and Credit score Unions to double-check, forward of creating a cost, that the account holder’s title matches the proprietor of the checking account quantity.
CoP checks will turn out to be an integral a part of allpay’s service when making a cost on behalf of its cardholders and might be additional launched to allpay’s UK primarily based contact centre which takes an estimated £1 million of funds annually.
allpay’s have additionally developed a SaaS answer which might be obtainable to eligible contributors.
With the center of allpay’s enterprise constructed round its potential to create main funds merchandise in-house and ship these with out the reliance on partnerships or third-party suppliers, the Affirmation of Payee product might be used to help eligible contributors.
Michelle Pacey, Managing Director of allpay Restricted stated: “Within the ever-changing funds surroundings, it can be crucial for allpay to be a part of the journey that has seen monetary establishments innovating alongside regulators and governing our bodies. With an present market main funds answer that serves among the most susceptible in right now’s society, having the ability to construct our personal know-how with out the reliance on third events permits allpay to push the boundaries of what we are able to do as a enterprise.
The introduction of Affirmation of Payee will give each purchasers and shoppers enhanced safety in addition to an improved person expertise providing the chance to make extra knowledgeable selections round their funds.”