The UK secure digital voucher platform, i-movo, part of the PayPoint Group, has joined forces with the Department for Work & Pensions (DWP) and ClearBank, the cloud-based clearing bank, to deliver payments to those without access to a standard bank account. Previously, many UK benefits recipients, who choose to receive their benefits in cash, collected their payments using a paper-based voucher system or a Post Office Card Account, which is coming to an end.
i-movo and ClearBank aim to make benefit payments quicker, simpler and more convenient for customers, with hopes also of reducing cost and complexity. Under the new initiative, the Payment Exception Service (PES), each benefit/pension recipient can choose from a range of methods to receive their cash payment vouchers. These can be used to withdraw funds at any one of 28,000 PayPoint retailer outlets or 11,500 Post Office branches from 9th September 2021.
Through integration with ClearBank’s API, i-movo receives BACS and Faster Payments and translates these into secure digital vouchers, which are issued in real-time using the customers chosen delivery method. These include SMS, a unique barcode displayed on a smartphone, PDF delivered by email or a re-useable mag stripe plastic card. The new service also offers customers online access to their payments history while a Helpline service provided by PayPoint is available too.
i-movo was acquired by the PayPoint Group in November 2020. Nick Wiles, Chief Executive at PayPoint, commented; “Through this new service, the unbanked will be able to receive their benefit payments simply, safely and conveniently, just like those who do have access to a bank account.
“Fundamental to its success is i-movo’s leading secure digital voucher technology. By drawing upon its experience of the last three years, we have worked with DWP to deliver an innovative solution that brings new benefits to all stakeholders. However, this initiative has required an impressive level of teamwork, bringing together i-movo, the ClearBank platform and both the Post Office and PayPoint networks.”
Charles McManus, CEO of ClearBank added; “Today it’s imperative that everyone is able to access the benefits of digitisation. We believe digital financial services offer an unmatched level of convenience that is crucial in ensuring no one is left behind as we advance towards a digital-first future.
“This new service is an important step forward in providing help for vulnerable claimants – one that we are honoured to be a part of – and is a testament to the vision of i-movo, PayPoint and the DWP. We’re looking forward to continuing this collaboration, using the latest financial technologies to help those that need it the most.”