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Lloyds signs first retailer for A2A payments API

Lloyds signs first retailer for A2A payments API

Car dealership JCT600 has become the first retailer to use Lloyds’ new PayFrom Bank account-to-account payment product, displacing plastic cards at the online checkout.

Launched in July last year, 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.

The new functionality forms part of JCT600’s latest ‘Buy Online’ offer, allowing customers to browse, reserve, and buy a vehicle, all totally online and without the need to visit a dealership.

PayFrom Bank is designed to remove friction from the checkout process, giving users an option that doesn’t require them to register, input card details, or share sensitive personal data. Customers can instead use their online banking service to make a payment, and the purchase amount, reference, and JCT600 account details are all automatically populated.

Steve Everett, managing director payables & receivables for Lloyds Bank, said: “Lloyds Bank are delighted to support JCT600 with our PayFrom Bank online payment capability. We both recognise the importance in making the online buying experience as simple, secure, and hassle-free for customers as possible. PayFrom Bank is one of a suite of APIs we have developed to help create friction-free customer journeys and streamline business processes.”

Comments: (1)

A Finextra member
A Finextra member 28 January, 2022, 12:22Be the first to give this comment the thumbs up 0 likes

Anyone got any ideas as to how the commercial model for this works - Has to be cheaper than cards and will come with refund and dispute handling capabilities.