Energy suppliers currently have little choice but to charge prepayment customers significantly more for electricity and gas than credit customers due to the higher cost of administration for prepayment accounts. This in turn increases the risk to some of society’s most vulnerable people that they will be forced to live in fuel poverty.

The Department for Business, Energy and Industrial Strategy’s programme to install smart electricity and gas meters in every household by 2020 has enabled GLOBAL-365 PLC to develop a pioneering, super-efficient system for prepayments that eliminates the administrative cost differential and for the first time enables energy suppliers to offer price parity between prepayment and credit customers.

GLOBAL-365 PLC's SMARTprepay® offers customers multiple types of prepayment methods with the certainty that their money will always immediately be credited to the correct account with the correct supplier. Eliminating misapplied payments is an important factor in reducing suppliers’ administrative costs, as is ending the need for dedicated prepayment meters and the tokens and other equipment required to top them up.

To encourage competition between suppliers and reduce prices the UK government has established a regulatory requirement for faster switching to be available to customers. SMARTprepay® will enable suppliers to comply with the new 24 hour switching process for prepayment customers.

Cybersecurity is an important element of the specification for SMETS2 smart meters. To help us to deliver this service we have an agreement with the Science & Technology Facilities Council (STFC) that enabled us to use the UK government’s e-Infrastructure investments at the STFC Hartree Centre, Daresbury Laboratory to develop SMARTprepay®, thereby providing for a very secure Hybrid Cloud at the heart of the system.

Please click here to contact us to find out more about how GLOBAL-365 PLC can bring significant benefits to your organisation and its customers.