What is Virtual Wallet?
Virtual Wallet supports NHS organisations and local authorities to deliver personal health budgets, direct payments, Individual Service Funds (ISFs) and one-off payments and grants. The funding organisation makes one simple payment into the Virtual Wallet central fund and budgets are then allocated to individuals. The individual is then able to choose, book and buy care, support and products to meet their specific needs. Virtual Wallet then automatically processes payments to the providers and personal assistants.
Virtual Wallet also enables robust financial monitoring and complete transparency on budget spend for all parties. It also enables individuals to continue to have choice and control over their care and support, without the hassle of having to make payments themselves or send in receipts.
How can you use Virtual Wallet?
People Places Lives Limited is regulated by the Financial Conduct Authority as a Small Electronic Money Institution (FRN: 953987) in respect of the direct payments, personal health budgets and grants that are managed via us. Funds held by us are not protected under the Financial Services Compensation Scheme, but are safeguarded within segregated bank accounts in accordance with the provisions of the Electronic Money Regulations 2011.