Lloyds Bank has announced the launch of a new payment transfer service for businesses.
The bank said that ‘PayMe’, which allows businesses to make one-off payments, doesn’t require the beneficiary’s bank details to send the payment.
Through the new service, businesses don’t need to manage account information or register one-off suppliers. Instead, once a payment is approved, companies can send a secure link to the beneficiary via email, SMS, or QR code.
The beneficiary then inputs their account information, after which the payment is reviewed, verified, and sent directly out to it.
Lloyds says that this means payees can receive funds within minutes rather than up to three working days.
“Payment solutions in the market today generally use Bacs for a three-day settlement or the need to send a physical cheque,” said Stephen Everett, managing director, cash management and payments, Lloyds Bank. “Through Lloyds Bank PayMe, companies can send funds to customers, clients, or suppliers easily and within minutes, and no need to capture and store account details for one-off payments.”
The new service can be used for a range of purposes, including one-time vendor payments, goodwill gestures, compensation payouts, refunds, hardship payments, volunteer expenses, and grants.
The move comes weeks after Lloyds Bank announced it is using blockchain technology to support its plans to digitise trade documentation and trade finance products.
The bank, which has entered a long-term partnership with blockchain technology company Enigio, said that the move will widen the application of the technology for digital original documents, including promissory notes, bills of exchange, and bills of lading.
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