Lloyds Banking Group has announced it is opening a new technology centre in Hyderabad, India.

The move forms part of Lloyds' £3 billion investment into its "people, technology and data", which aims to improve its security against cyber threats, simplify its architecture and put cloud technology at the heart of the bank.

The new site will employee around 600 skilled technology specialists to begin with this year.

“The new technology centre will support the digital transformation happening across the Group and deliver more great options for our customers," said a Lloyds Banking Group spokesperson. "The centre will give us access to highly skilled tech and data specialists and will complement the investment we are making to grow and retain talent in the UK as part of the Group’s ambitious long-term growth ambitions.”

The bank has been exploring new technologies this year, having announced it is using blockchain tech to support its plans to digitise trade documentation and trade finance products.

Lloyds 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.

In April, Lloyds also said it was launching 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.

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