Free Direct Payment Bank Accounts and Prepaid Cards
Some Immediate Benefits of the Service
- Access to the funds in your client’s bank account in seven days
- You will assist clients quicker which is in their best interest
- Save clients money due to reduces administrative billing
- Reduce your non-recoverable costs from court costs office
- Pay urgent bills (care homes, care bills, utilities)
- Arrange shopping money for carers
- Set up a personal spending allowance for your client
- Consolidate your clients’ assets more quickly
- Obtain information about clients outgoing payments
- Have accurate information for welfare benefit applications
- Provide local authorities with statements for care assessments
- Settle your own firms outstanding fees more quickly
- In account visibility for court orders and other documents
Direct Payment Bank Accounts and Payment Card Services
Our direct payments banking solution provides a free of charge, groundbreaking initiative for local authorities’ solicitors and other organisations.
For many years, the bulk provision of direct payment accounts used by local authorities and direct payment service providers have not had the security and protection of the Financial Services Compensation Scheme (FSCS) as the accounts promoted are often costly, simple, prepaid card accounts or ‘e-wallets’ which do not have the same level of protection as a proper bank account in the event of the provider becoming insolvent.
Indeed, these concerns remains with many local authorities and commissioners along with associated fees and charges.
The Monika banking platform is now changing this, and we are working with many councils and other organisations who want to reduce costs, have access to a next-generation banking platform and have access to a range of unique innovations and services that support direct payment administration teams in a tailored and practical way whilst having greater levels of security to protect local authority monies.
Features such as our inbuilt balance sweep system allow direct payment teams to set balance level alerts to proactively stay on top of unused funds whilst having entire oversight of all accounts in one place.
