Award of Prepaid Card Accounts Framework Contract to Prepaid Financial Services, Allpay, and Aquarium Software

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The Association of North East Councils awarded a contract to Prepaid Financial Services Limited, Allpay Limited, and Aquarium Software Limited for the provision of prepaid card accounts under the North East Procurement Organisation (NEPO) framework.

The contract, valued at £24,000,000, enables contracting authorities to manage cash disbursements and budget monitoring through prepaid card accounts that function similarly to standard UK bank accounts, including ATM withdrawals, regular payments, vendor payments, and statements, without an accessible overdraft facility.

Prepaid cards are preloaded by contracting authorities and used by cardholders until the balance is exhausted.

The accounts are primarily intended for social/health care related direct payments and corporate expenses, though additional related services may be required.