FCA Grants allpay Authorised Electronic Money Institution Status in UK

Leading UK Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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 25^th 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 world of online trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.

FCA authorisation updated

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 Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term 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.