New FCA status for allpay comes ahead of the just announced government contract.
Leading UK Payments specialist with operations since 1994 and facilitating nearly £5 billion across 50 million transactions per year, allPay Limited, has just obtained authorization with the Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution effective as of May 25th 2016, as per updated FCA register details.
In addition to bill pay and prepaid cards, including card manufacturing and bureau facilities, the company has expanded its businesses over the years to a wide range of segments including legal services, broadband and even to the publishing of news and advertising jobs to local housing and government sectors via 24dash.com and related brands. The company provides its payments and related services to both local clients and government sectors.
Becoming an e-money provider moves our business into a new field, allowing us to improve and extend our services to customers, as well as being fully regulated
The new FCA status as an Authorised Electronic Money Institution enables the firm permission to issue electronic money (e-money) and provide payment services, as per the FCA license details, and permits allpay to carry various related payments services as explained below.
Some of the services allpay can provide with the updated FCA status include enabling cash placement and withdrawals to/from a payment account, Execution of both secured and unsecured payment transactions, issuing payment instruments or acquiring payment transactions, money remittance and execution of payment transactions via telecoms, IT system or network operators.
Commenting in a corporate statement regarding the FCA license, Kevin McAdam, director of prepaid at allpay Limited, explained: “Our aim is to provide customers with prepaid programmes that are multi-functional, and multi-national, so that we can retain our ability to remain flexible to market changes as we expand our presence and capabilities."
"We can offer our clients multiple solutions on how to collect payments from their consumers whether through government payments, creating loyalty through gift cards or expanding services to financial institutions with the prepaid card as an addition to their portfolio of accounts."
Mr. McAdam further clarified regarding the FCA status: “Becoming an e-money provider moves our business into a new field, allowing us to improve and extend our services to customers, as well as being fully regulated. Under the license we are now able to operate across the UK and Europe, and also support initiatives further afield. Coupled with our ability to support card manufacture and bureau facilities, we provide a unique solution for our clients.”
Government contract awarded
In a parallel announcement today by the firm, allpay said that the London Borough of Hammersmith and Fulham (LBHF) awarded it a six-year contract related to supplying the borough's residents with payments of council bills via access to the Post Office network.
Commenting on the new contract won, Tony Killeen, allpay Managing Director, explained in a statement regarding the news: “We’re delighted to be providing the council and its citizens with access to the Post Office network for the payment of council bills. Over-the-counter payments play an important part in allowing Londoners to pay council bill payments and this new contract will continue to provide those citizens with choice and convenience.”
Prior to the FCA license, the firm had other entities that operated as an appointed representative with the FCA including under allpay.net ltd. The news follows after the company announced membership with the Emerging Payments Associations (EPA) - an association that Finance Magnates has written about in a recent post following an EPA report.
Leading UK Payments specialist with operations since 1994 and facilitating nearly £5 billion across 50 million transactions per year, allPay Limited, has just obtained authorization with the Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution effective as of May 25th 2016, as per updated FCA register details.
In addition to bill pay and prepaid cards, including card manufacturing and bureau facilities, the company has expanded its businesses over the years to a wide range of segments including legal services, broadband and even to the publishing of news and advertising jobs to local housing and government sectors via 24dash.com and related brands. The company provides its payments and related services to both local clients and government sectors.
Becoming an e-money provider moves our business into a new field, allowing us to improve and extend our services to customers, as well as being fully regulated
The new FCA status as an Authorised Electronic Money Institution enables the firm permission to issue electronic money (e-money) and provide payment services, as per the FCA license details, and permits allpay to carry various related payments services as explained below.
Some of the services allpay can provide with the updated FCA status include enabling cash placement and withdrawals to/from a payment account, Execution of both secured and unsecured payment transactions, issuing payment instruments or acquiring payment transactions, money remittance and execution of payment transactions via telecoms, IT system or network operators.
Commenting in a corporate statement regarding the FCA license, Kevin McAdam, director of prepaid at allpay Limited, explained: “Our aim is to provide customers with prepaid programmes that are multi-functional, and multi-national, so that we can retain our ability to remain flexible to market changes as we expand our presence and capabilities."
"We can offer our clients multiple solutions on how to collect payments from their consumers whether through government payments, creating loyalty through gift cards or expanding services to financial institutions with the prepaid card as an addition to their portfolio of accounts."
Mr. McAdam further clarified regarding the FCA status: “Becoming an e-money provider moves our business into a new field, allowing us to improve and extend our services to customers, as well as being fully regulated. Under the license we are now able to operate across the UK and Europe, and also support initiatives further afield. Coupled with our ability to support card manufacture and bureau facilities, we provide a unique solution for our clients.”
Government contract awarded
In a parallel announcement today by the firm, allpay said that the London Borough of Hammersmith and Fulham (LBHF) awarded it a six-year contract related to supplying the borough's residents with payments of council bills via access to the Post Office network.
Commenting on the new contract won, Tony Killeen, allpay Managing Director, explained in a statement regarding the news: “We’re delighted to be providing the council and its citizens with access to the Post Office network for the payment of council bills. Over-the-counter payments play an important part in allowing Londoners to pay council bill payments and this new contract will continue to provide those citizens with choice and convenience.”
Prior to the FCA license, the firm had other entities that operated as an appointed representative with the FCA including under allpay.net ltd. The news follows after the company announced membership with the Emerging Payments Associations (EPA) - an association that Finance Magnates has written about in a recent post following an EPA report.
Insurtech, Crypto, and Blockchain: The Fintech Trifecta of Q1 2024
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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