Fintech & Ecommerce

Mastercard partnered Lloyds Bank on Open Banking checkout solution

The solution is compatible with most retail bank accounts

Mastercard

Mastercard partnered Lloyds Bank on Open Banking checkout solution. Source: pexels.com

Mastercard and Lloyds Bank Commercial Banking have partnered to deliver a new Open Banking payment solution to Lloyds Bank’s business clients.

Enabled by Mastercard’s Open Banking Merchant Payment Solution, Lloyds Bank’s PayFrom Bank lets consumers make payments on an organisation’s website directly from their bank account.

According to the press release, the solution gives consumers greater choice over how they pay. It also enhances their user experience by providing a quick, secure and seamless payment option without the need to remember passwords or input data.

Meanwhile, merchants benefit from a cost-effective payment method that supports their working capital by settling funds immediately.

Mastercard and Lloyds Bank’s partnership will help to move open banking A2A payments into the mainstream. PayFrom Bank combines Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform to deliver a merchant A2A payment solution that covers around 95% of UK bank accounts leveraging Open Banking APIs.

Our Open Banking Merchant Payment Solution offers merchants and consumers an alternative to card based payments and even greater choice over how they checkout. 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
Kelly Devine, Divisional President of Mastercard UK and Ireland

We’ve reported that Argentina starts embracing e-payments over cash.

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