Lloyds, in a bid to better serve its B2B clients, has reached a new partnership deal with Mastercard to offer an innovative open banking payment solution.
Lloyds has named the service PayFrom Bank and it is powered by Mastercard’s Open Banking Merchant Payment Solution. This new service will make it possible and easy for customers to pay on a firm’s website directly and instantly, eliminating the need to put in payment information.
This offering increases the efficiency of the lender’s B2B clients by enabling them to improve their user experience. It also empowers their customers with an option that optimizes the way they make payments through a fast, safe, and hassle-free process.
Kelly Devine, Divisional President of Mastercard UK and Ireland, said: “Merchants can now provide their customers with a wider range of payment methods without needing to store payer account details. It also removes friction for consumers as all-payer details are automatically populated, meaning there’s no risk of entering the wrong account details. We’re excited to be partnering with Lloyds who has a strong pipeline of merchants waiting to sign up to PayFrom Bank.”
This collaboration between Lloyds Bank and Mastercard will draw the attention of other banks, fintech firms, and merchants to the importance of open banking account-to-account (A2A) remittances.
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