The solution is compatible with most retail bank accounts
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.
We’ve reported that Argentina starts embracing e-payments over cash.