British Lloyds Bank announced the expansion of cooperation with the FreedomPay commerce platform, which is focused on the consumer.
Last Wednesday, October 11, the specified giant of the banking sector of the United Kingdom announced that sellers who use its Cardnet network now have access to the processing of payment transactions on the mentioned platform. The press release of the financial institution contains information that the fully integrated patented technology provides Lloyds Bank Cardnet customers with flexibility in processing cross-border operations.
The FreedomPay platform offers a comprehensive cloud solution through which merchants can access fast and secure payment offers. Also, in this case, mobile wallets are supported as a payment method.
The expansion of the partnership between one of the largest financial institutions in the United Kingdom and the commerce platform takes place at a time when the cost of accepting payments is the main task for sellers. This was confirmed by Link Money CEO Eric Shoykhet during a conversation with journalists in August. According to him, sellers should generally change their vision of payments. He says that in the current realities, it is not the right practice to have all payment methods in the checkout cart and give customers all the options to choose from.
Many sellers, according to some experts, decided to pay any upcoming expenses before the start of the current macroeconomic pressure in order to guarantee the satisfaction of consumer needs, eliminate the risks of unsuccessful transactions, and ensure a well-functioning sales mechanism. Eric Shoykhet says that currently, it is urgent to find ways to optimize the cost of payments and cheaper alternatives.
Last month, FreedomPay expanded its collaboration with trade acquirer Worldpay to provide integrated payment and multi-channel technologies for businesses in spheres such as hospitality and retail. The implementation of this partnership in the practical plane will be carried out in stages. The companies intend to offer services in North America, Asia-Pacific, North Africa, Europe, and the Middle East. Scaling up joint activities in a geographical dimension will allow Worldpay customers around the world to take advantage of advanced payment transaction technology.
This year FreedomPay has also integrated Visa network tokenization capabilities with its global identification and tokenization system. In this case, consumers are allowed to use network tokens for different brands of cards. Sellers within the framework of this solution will comply with the rules of data transmission and confidentiality without any difficulties. Also, in this case, the right to low exchange rates for some transactions is provided.
FreedomPay Technical Director David Knowlton says that as part of cooperation with Visa to tokenize the network, this company will provide sellers with greater flexibility and geographic coverage, including in those regions where there is a lack of relevant services when managing customer data and cards.
As we have reported earlier, Lloyds Banking Group Continues to Close Its Branches.