Lloyds Bank Launches PayMe

Lloyds Bank has launched PayMe, a new payment transfer service designed for businesses across all sectors. PayMe allows companies to make one-off payments to their beneficiaries without the need to know their bank details, allowing the recipients to receive funds within minutes. Once the payment has been approved, the business can send a secure link to the beneficiary via email, SMS, or QR code, and the beneficiary inputs their account information, which is then reviewed and verified before the payment is sent directly to them.

One significant benefit of PayMe is that payees no longer have to wait up to three working days to receive the funds, which could improve customer service while reducing cheque issuance, manual processes, and associated costs. Lloyds Bank developed PayMe with Bottomline Technologies to support its clients in driving efficiencies in their businesses while further enhancing the customer experience.

Scottish Water is among the first companies to sign up for the PayMe service, with the company expecting to pay customers within the same business day, compared to the current process, which can take up to 10 days to complete. Brian Lironi, Scottish Water’s Director of Corporate Affairs, stated that “PayMe will provide a huge benefit to our customers in terms of payment times and data handling”.

PayMe will provide a new option for businesses to streamline their payment processing and could also help in reducing travel emissions and carbon footprints. Lloyds Bank hopes that the service will be a game-changer for businesses looking to simplify and expedite their payment processing, offering an alternative to the three-day settlement or the need to send a physical cheque, enabling businesses to send funds to customers, clients, or suppliers quickly and easily.

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