Soldo, the European integrated business expense card and expense management platform, has been named as a supplier of payment solutions for Crown Commercial Service (CCS) PrePaid Cards (Lot 2). This enables public sector entities such as local authorities across the UK to support people in need to pay for goods and services using prepaid cards.
With the UK currently facing the worst cost-of-living crisis in 60 years, people are more reliant on relevant government agencies for monetary support. However, dispersing funds is complex and timely. Tracking that spend can be a costly and manual process – made up of bank transfers, food and energy vouchers.
Alleviating the cost of living
By introducing Soldo, local government entities will be able to ring-fence the funds they receive from the central government to support citizens through a range of initiatives. Their aim? Alleviate the cost of living crisis. By providing the most vulnerable in their community with prepaid cards, local authorities will be able to disburse and load funds directly. Doing so instantly too.
Impact on citizens and entities
For citizens, this means they can receive fast, easy, and secure funds. They can spend them on food, services, and travel. Moreover, this is all without the hassle of waiting for bank transfers or vouchers to arrive.
For relevant government entities, access to a prepaid card system through one single platform will enable them to track, manage and analyse spend effectively. It ensures funds are distributed to those in need. Consequently, by removing these manual processes government entities can speed up execution and gain access to real time data insights on spend. Furthermore, they can quickly and securely transfer funds. As a result, they can spend time understanding data to provide relevant support for citizens and the wider community.
Improving financial inclusion
Carlo Gualandri, CEO and founder of Soldo said:
“Traditional food vouchers and regular prepaid cards are often too slow and cumbersome to be effective. Especially during the current economic situation in the UK.
“Soldo’s infrastructure is agile enough to be rapidly adapted to the needs of local authorities. We are delighted to be chosen as a Crown Commercial Service supplier. As a result, we can help local authorities and other government agencies benefit from Soldo technology. We want to use it in every way possible to support them, and citizens across the UK.”
Janice Culshaw, category lead at Crown Commercial Service said:
“Soldo were chosen as one of five suppliers for Lot 2 Prepaid Cards by Crown Commercial Service. This was because of its simple yet effective capabilities to distribute funds. This is in addition to its ability to track, manage and analyse spending.
“The prepaid cards can be used in a wide range of shops, large and small retailers. Furthermore, customers are able to reload the cards with funds, as needed, at no cost. Soldo provides a positive solution for citizens in need and local authorities experiencing budget cuts in the current climate.”