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Simplifying payments for the last 30 years.
We are delighted to introduce you to the inaugural edition of The Future of Payments, your guide to keep you informed and inspired in the world of payments and technology based on our 30 years of industry knowledge.
At allpay we continue to work on solutions that help build meaningful relationships with our clients. Our commitment to progress, innovation, and excellence has led us to create this platform, where we'll share updates about our company, insightful industry trends, success stories, expert advice, and more.
The aim is simple, we want to provide a platform to help strengthen our relationship with you, by providing a holistic view of how we're shaping the payments landscape.
How do I navigate the e-zine?
Navigating this e-zine is simple! Use the arrows to seamlessly flip through the pages and explore a wealth of content designed to keep you engaged and informed. The interactive features embedded in the e-zine make your reading experience dynamic. Click on links, videos, and images to dive deeper into specific topics or gain a richer understanding of the content.
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Technology has the power to transform the way people make payments and manage their finances. Our team of Product and IT experts is dedicated to developing cutting-edge, innovative payment solutions that redefine industry standards.
We don't just make payments easy; we redefine the way transactions are conducted. Our comprehensive suite of services ensures that you have the flexibility, security, and insights needed to stay ahead in today's dynamic financial landscape.
One of the hallmarks of allpay is our commitment to providing a range of flexible solutions that encourage payments in a way that suits a diverse range of end users. We understand that every business and their customers are unique, and our platform is designed to seamlessly integrate with your existing systems.
From seamless bill payment processing to secure prepaid card solutions, our technology is designed to simplify lives and empower businesses to thrive in a digital world.
💳 Payments
We allow you to take quick and secure payments via multiple channels, all from a single supplier.
💰 Disbursements
Our disbursement solutions offer you trackable, managed funds through secure channels.
📊 Data & Analytics
We provide the tools and insights to help you make the most of your services for you and your customers.
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In an era marked by rapid technological advancement, the payments landscape continues to evolve at an unprecedented pace. From the rise of contactless payments to the emergence of digital wallets, the payments industry is undergoing transformative shifts that impact businesses and consumers alike.
Contactless payments have emerged as a dominant force, offering a seamless and secure alternative to traditional card-based transactions. With the global adoption of near-field communication (NFC) technology, consumers are now able to complete transactions swiftly, simply by tapping their devices.
This convenience is driving the shift towards a cashless society, as the world embraces the inherent benefits of contactless payments.
Credit/Debit Card
Mobile Wallets
Digital Payment Platforms
Cash
Bank Transfers
Direct Debits/Standing Orders
Other
Simultaneously, digital wallets have gained substantial traction, reshaping how individuals manage their finances. These versatile platforms consolidate payment methods and loyalty cards into a single application, offering unparalleled convenience and enhancing the overall customer experience.
As businesses integrate these solutions, they not only cater to consumer preferences but also gather valuable insights to refine their offerings further.
The potential to revolutionise cross-border payments and reduce fees is one that cannot be ignored. In tandem with these technological advancements, the industry's focus on security remains resolute. With the proliferation of digital transactions, the need for robust authentication mechanisms and data encryption has never been more pressing.
The adoption of biometric verification, such as fingerprints and facial recognition, bolsters the security of digital payments, assuring consumers that their financial information is safeguarded.
Despite the remarkable strides in digital payments, it's essential to recognise that a significant portion of the population still prefers the familiarity and tangibility of cash. More than 5 million adults depend on cash for their daily transactions, and it continues to be the favoured payment choice for 21% of the population. For the 1.2 million individuals with restricted access to banking services, cash plays a crucial role, while serving as an indispensable budgeting tool for the 3.8 million facing financial challenges.
This divergence in payment preferences underscores the importance of a flexible and inclusive approach within the evolving payments landscape.
Security & Fraud Prevention
Convenience
Cost
Availability on Frameworks
Peer Influence
Privacy Concerns
Technological Innovation
In an ever-evolving digital landscape, where online banking and digital payment methods are on the rise, it's crucial to remember that not everyone has fully embraced this shift.
At allpay Limited, we understand that financial inclusivity means catering to a diverse range of payment preferences, and that's why we are passionate about working with Over-The-Counter (OTC) networks like the Post Office, Payzone and PayPoint, to ensure everyone has access to secure, convenient bill payment options.
Embracing Change: The Digital Revolution
Over the past decade, we've witnessed a significant transformation in the way people manage their finances. Traditional banking methods, such as visiting a physical bank branch or writing cheques, have gradually given way to the convenience of online banking and digital wallets. These changes have undoubtedly streamlined many aspects of our financial lives, offering speed and efficiency like never before.
The Unbanked and Underserved
However, it's essential to recognise that not everyone has embraced this digital revolution. There are still individuals who prefer in-person transactions for various reasons, including a lack of access to the internet, concerns about security, or simply a personal preference for face-to-face interactions. For these people, OTC transactions remain a vital part of their financial routine.
The Role of OTC Networks
This is where OTC networks like the Post Office play a crucial role. These networks provide a lifeline for the unbanked and underserved populations, offering a place where bills can be paid, financial transactions can be conducted, and essential services accessed. They bridge the gap between traditional and digital banking, ensuring that no one is left behind in our increasingly digital world.
allpay Limited's Commitment
At allpay Limited, we are committed to promoting financial inclusivity. We believe that everyone should have access to secure and hassle-free bill payment options, regardless of their preferred banking method. Our collaboration with OTC networks like the Post Office is a testament to this commitment.
Why It Matters
Personal Preferences
People have different banking preferences, and we respect that. For some, the personal touch and assurance of an OTC transaction are irreplaceable.
Digital Divide
Not everyone has easy access to the internet or digital devices. Collaborating with OTC networks ensures that these individuals are not excluded from essential financial services.
Security
Concerns about online security are valid. OTC networks provide a secure and trusted environment for financial transactions.
Our Vision for the Future
As we continue to embrace the digital age, we remain dedicated to serving the diverse needs of our customers. Our partnership with OTC networks is just one example of how we are working to make bill payments more accessible and convenient for everyone.
Together with OTC networks like the Post Office, we are bridging the gap between traditional and digital banking, ensuring that no one is left behind.
Financial inclusivity is not just a goal—it's a responsibility, and we are proud to be at the forefront of this important mission.
Find out more
By Victoria Preece, Money Laundering Reporting Officer at allpay.
Victoria Preece
Global fraud levels are on the up and the UK Finance Annual Fraud Report 2023 articulates the size of the challenge: “The banking industry spends billions of pounds each year fighting fraud, but criminals continue to commit this crime, and losses exceeded £1 billion for another year running. That is equivalent to around £2,300 stolen every minute of last year. In all its forms, fraud accounts for over 40 per cent of crimes committed in England and Wales. This is the scale of the problem we face and the banking and finance sector is at the forefront of efforts to tackle fraud. We still need much greater action from other sectors as criminals are clearly exploiting weaknesses outside the banking system.”
Customer Due Diligence (CDD) and Know Your Customer (KYC) assessments are central to our operation as an E-money Issuer, with our Mastercard Prepaid Cards providing access to the financial system for so many public and private sector organisations and their customers.
One part of our armoury in this battle against financial crime is assessing the risk of insider enabled fraud, carefully managing access to cardholder data and gaining assurance on those holding the keys to customer accounts.
We know that the cardholders supported by our clients are sometimes more vulnerable through their circumstance, and may be more at risk to fraud and scams if targeted due to poor system controls.
None of us like to think that those we work with could be involved in any kind of fraudulent or criminal activity, but as an Issuer it’s not enough for us to make that assumption, we have to complete our checks to be able to discount the majority and identify the minority of bad actors.
The responsibility weighs heavy when there is sometimes limited information available and the structure of your customers business is complex and unclear in terms of who should actually be included in the screening process.
We know that due diligence and screening is not fool-proof but it is an important part of the client and customer onboarding process which can reduce risk. We must also identify and appropriately manage sanctioned individuals and this is an area that a risk-based approach cannot be applied to.
The application of the Sanctions and Anti-Money Laundering Regulations Act 2018 UK is an absolute requirement and has increased significantly as a result of the Russian Invasion of Ukraine.
We take pride in ensuring that all of our client onboarding and cardholder sanctions screening checks are completed but failure to comply can result in enforcement action, fines and criminal prosecution, for which I am ultimately responsible as the Money Laundering Reporting Officer (MLRO) here at allpay.
As the regulatory authorities and our clients would expect, we are confident in our approach to client and customer due diligence. The investment made in raising awareness of the benefits of a robust screening process, helping our staff and customers to see the value in being confident about who has access to our financial data and systems is vital.
It can seem burdensome to request the ID documentation of key personnel, give proof of source of funds as part of onboarding a client and then request help to discount any potential sanctions matches (sometimes there are just people with the same name and year of birth on that list but they are not our customers) but done well and then monitored effectively, the worry and risk of non-compliance are reduced for all and the end-user of the financial service is protected as far as we can manage.
Ultimately, completing CDD is just one step we can take against the increasing amount of financial crime that is committed every day, but every check we complete means a reduction in the level of risk to all concerned.
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Revolutionising rent payment at Walsall Housing Group through the integration of allpay's Pay by Link with Voicescape.
Walsall Housing Group (whg), the largest social housing provider in Walsall dedicated to providing affordable homes and fostering resilient communities, sought to enhance its rent collection processes for improved customer experience. In May 2022, whg partnered with payment specialist allpay Limited and engagement automation expert Voicescape to implement a solution that would streamline rent payments and empower customers.
The challenge
Jasvinder Kaur, Income and Financial Inclusion Manager at whg, identified a crucial challenge in their existing payment system. While whg already offered an online payment platform, what was lacking was a mechanism for housing advisors to send payment links to customers, this hindered whg’s goal of enabling customers to self-serve.
The manual intervention required by whg for agents to contact customers when payments were due led to a slow and less efficient process.
whg aimed to empower customers, allowing them to take ownership of their payments, reduce call volumes, and create a smoother payment journey.
The solution
The collaborative effort of allpay and Voicescape addressed whg’s challenges promptly. Following a customer's request for a payment link, allpay and Voicescape were challenged to create a solution.
Within five days, allpay delivered a Pay by Link (PbL) solution, seamlessly integrated into Voicescape's automated engagement platform. The solution allowed whg to convert the payment link to a QR code, streamlining its inclusion in all customer correspondence, including SMS and email.
I am gratified to see these two forward-thinking technology providers working in the sector alongside landlords to present innovations that help us tackle our real-world challenges and make us more customer-focussed.
The result
Since the implementation of Pay by Link in May 2022, whg has achieved remarkable results. The system has facilitated the collection, thus far, of £764,215.12 through 3,581 transactions, with an average transaction value of £213.41.
Customers now experience a sense of ownership and empowerment, leading to a significant reduction in calls to the business. whg's income and financial inclusion manager, Jasvinder Kaur, emphasised that the system is now a vital part of the toolkit to move customers towards self-service.
READ THE FULL CASE STUDY
NHF Finance Conference | Liverpool March 13-14 | Stand 420
We're heading to the NHF Finance Conference - a critical event in the housing calendar.
Visit us at stand #420 for:
Information about seamless payments 💳
Exclusive product demos ⚡
Fresh smoothies on us 🍹
One-to-one meetings 💬
Drinks reception at 17:30 on Wednesday 🍾
Our very own Commercial Director, Jonathan Stanton-Humphreys, will be on the Insights stage at 15:50 Wednesday afternoon talking about our strategic partnership with Voicescape, and how it is revolutionising rent payment in the social housing sector. 🎤
Whether you are looking to start your journey with allpay, or want to elevate your existing services, book an exclusive appointment with one of our team now.
BOOK A MEETING
Money 20/20 Europe | Amsterdam June 4-6 | Stand 7E90
Money20/20 is the world’s leading, premium content, sales and networking platform for the global money ecosystem. From in-depth analytics to inspirational speakers, their world-class insight and networking opportunities help customers stay ahead.
CIH Housing | Manchester June 25-27 | Stand G20
CIH Housing is an award-wining event that has run for over 70 years and this year, it is widely expected to be the curtain raiser for the next government. It will provide the collaboration, best practice learning and conversations needed to work together to achieve success as a sector for our communities.
