industry news Thursday 12 Jan 2023 @ 13:57 Fintech Soldo to support UK government share funds with citizens in need via pre-paid cards
LONDON, UK – 11 January 2023, 9am GMT - Soldo, the leading European integrated business expense card and expense management platform, has today been named as a supplier of payment solutions for Crown Commercial Service (CCS) PrePaid Cards (Lot 2), enabling 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, more and more people are reliant on relevant government agencies for monetary support. However, dispersing funds is complex and timely, and tracking that spend can be a costly and manual process - made up of bank transfers, food and energy vouchers.
By introducing Soldo, local government entities will be able to ring-fence the funds they receive from central government to support citizens through a range of initiatives aimed at alleviating 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, and instantly, to those in need.
For citizens, this means they can receive fast, easy, and secure funds to spend on food, services, and travel - 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, ensuring that the funds are distributed to those in need. Removing these manual processes government entities can speed up execution and gain access to real time data insights on spend. As such, they can quickly and securely transfer funds and spend time understanding data to provide relevant support for citizens and the wider community.
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 - helping 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 5 suppliers for Lot 2 Prepaid Cards by Crown Commercial Service because of its simple yet effective capabilities to distribute funds, but also its ability to track, manage and analyse spending. The prepaid cards can be used in a wide range of shops, large and small retailers, and 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.”
Click here to visit Soldo’s initial listing on the Crown Commercial Service website.