Lloyds Bank has launched a quick one-off payment system where a payee’s bank details are not known, which means that these beneficiaries can “receive the funds within minutes” instead of three working days.
The high street bank says its paperless PayMe service means that companies do not have to manage account information, or register one-off suppliers.
Once the payment is approved, firms can simply send a secure link to the beneficiary – via a range of ways including email, SMS or QR code – who then add their account information.
The lender says after being verified, the payment is sent directly to the beneficiary.
Firms across all sectors can use the payments system, the lender says, for a range of payments such as one-time vendor fees, goodwill gestures, compensation payouts, refunds, hardship payments, volunteer expenses, and grants.
Lloyds Bank managing director of cash management & payments Stephen Everett says: “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.”
The bank says the system was developed in partnership with payments firm Bottomline Technologies.
