Lloyds Bank launches new payment transfer service for businesses

Lloyds Bank has launched a fast, simple service that allows businesses to make one-off payments, where the beneficiary’s bank details are not known, meaning payees could receive the funds within minutes.

Through Lloyds Bank PayMe, businesses do not have to gather or manage account information or register one-off suppliers. Once the payment is approved, companies can simply send a secure link to the beneficiary – via a range of ways including email, SMS or QR code – who then inputs their account information. After being reviewed and verified, the payment is sent directly to the beneficiary.

Businesses across all sectors can use Lloyds Bank PayMe in a range of ways including for one-time vendor payments, goodwill gestures, compensation payouts, refunds, hardship payments, volunteer expenses, and grants.

Using this new service means payees no longer have to wait up to three working days to receive the funds. In addition to improved customer service, there are many benefits for businesses including reducing their cheque issuance and manual processes, and associated costs.

Lloyds Bank hopes more businesses and organisations will also opt for the paperless service to remove travel emissions and reduce their carbon footprint.

Stephen Everett, Managing Director of Cash Management & Payments at Lloyds Bank said: “We’ve developed this service to support our clients in driving efficiencies in their business while further enhancing the customer experience they’re providing.

“Payment solutions in the market today generally use Bacs for a three-day settlement or the need to send a physical cheque. 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.”

Lloyds Bank PayMe was developed in partnership with Bottomline Technologies.