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PayPoint and ClearBank win prestigious accolade at Payment Awards 2022 for Social Inclusion Project of the Year

Digitising pension and benefits payments for the Department of Work and Pensions, Payment Exception Service overcomes financial exclusion for unbanked Britons  Digital payments experts PayPoint and ClearBank, the enabler of accounts, real-time clearing, and embedded banking for financial institutions, have been applauded for their success in implementing a vital social inclusion project in partnership with […]

Digitising pension and benefits payments for the Department of Work and Pensions, Payment Exception Service overcomes financial exclusion for unbanked Britons

 Digital payments experts PayPoint and ClearBank, the enabler of accounts, real-time clearing, and embedded banking for financial institutions, have been applauded for their success in implementing a vital social inclusion project in partnership with the Department of Work & Pensions (DWP) at the Payment Awards 2022. 

PayPoint and ClearBank joined forces to digitise the DWP’s Payment Exception Service (PES) following the announcement by the Post Office that it would be closing its Post Office Card Account (POca), one of the most popular bank account alternatives amongst the unbanked.

Following the successful delivery of the project, over a million of unbanked Britons are now able to receive their benefit and pensions payments simply, safely, and conveniently, just like those who do have access to a bank account. The unbanked typically include the unemployed, adults with no educational qualifications, and the ageing population, who make up 18.9% of the UK’s population. They represent 4% of the British population, and either by choice, or lack of resource, they do not have access to an account at a bank or other financial institution.

Danny Vant, Head of Client Services at PayPoint comments, “Following our groundbreaking work with ClearBank, we are ecstatic to have received this award. By integrating with ClearBank’s API, PayPoint takes BACS and Faster Payments and converts them into secure digital vouchers that are distributed in real-time via the customer’s preferred delivery method. These include SMS, a unique barcode displayed on a mobile device, an email-delivered PDF, and a reusable mag stripe plastic card. The new service also provides users with online access to their payment history and a PayPoint-provided Helpline service. Recipients can withdraw funds at any of our 28,000 PayPoint store locations across the UK, which are normally open seven days a week from early morning until late at night, as well as 11,500 Post Office branches.”

John Salter, Chief Customer Officer of ClearBank concludes, “The UK financial landscape is evolving at rapid pace and the last few years have seen the collapse of cash and cheques, the rise of contactless, and a surge in Faster Payment volumes. It also brought to light bigger conversations around financial inclusion and exclusion, and the very real possibility of a cashless future. Although this evolution heralds countless promises and benefits, including reduced risk of crime, speedier transactions, and reduced costs for financial institutions, it could also see entire populations, in particular the ‘unbanked’, being left behind. Together with PayPoint we are not only thrilled to be driving positive change but also that the success of our collaboration with DWP has been recognised and applauded by our fintech peers.”

 

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About PayPoint 

For tens of thousands of businesses and millions of consumers, we deliver innovative technology and services that make life a little easier. 

 The PayPoint Group serves a diverse range of organisations, from SME and convenience retailer partners, to local authorities, multinational service providers and e-commerce brands. Our products are split across three core business divisions: 

In Shopping, we enhance retailer propositions and customer experiences through EPoS services via PayPoint One, card payment technology, Counter Cash, ATMs and home delivery technology partnerships in over 60,000 SME and retailer partner locations across multiple sectors. Our retail network of over 28,000 convenience stores is larger than all the banks, supermarkets and Post Offices put together.

  • In E-commerce, we deliver best-in-class customer journeys through Collect+, a tech-based delivery solution that allows parcels to be sent, picked up and dropped off at thousands of local stores.
  • In Payments and Banking, PayPoint helps companies and their customers make and receive payments quickly and conveniently. This includes PayPoint’s digital payments platform, MultiPay, and a digital voucher offering that provides vital consumer access to cash across our extensive retail network. PayPoint also supports its eMoney clients with purchase and redemption of eMoney across its retail network

 Together, these solutions enable The PayPoint Group to create long-term value for all stakeholders, including customers, communities and the world we live in. 

About ClearBank

ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.

ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).

Contact HSL for more information      

Justine Hoadley or Matthew Enderby      

multipay@harrisonsadler.com      

020 8977 9132      

       

 

 

 

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