Lloyds Commercial Banking is rolling out a new payment service which enables consumers to make payments on an organisation’s website directly from their bank account, without having to enter any payment details.
The new service, dubbed PayFrom Bank, combines Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform to deliver a merchant A2A payment page that covers around 95% of UK bank accounts with Open Banking APIs.
Initial interest in PayFrom Bank is coming from charities for online donations and wallet funding use cases such as investment accounts. United Response, a charity that provides support to people with learning difficulties, autism, and mental health needs, is the first merchant to go live with the proposition.
Kelly Devine, divisional president of Mastercard UK and Ireland, says: “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."
She says Lloyds has a strong pipeline of merchants ready to sign up.