News and resources on payments systems, innovations and initiatives worldwide.
Lloyds Bank launches PayMe for instant B2B payouts

Lloyds Bank launches PayMe for instant B2B payouts

Lloyds Bank has launched a service that allows businesses to make one-off payments where the beneficiary’s bank details are not known.

Through Lloyds Bank PayMe - developed in partnership with Bottomline Technologies - businesses do not have to gather or manage account information or register one-off suppliers. Once the payment is approved, companies send a secure link to the beneficiary - via email, SMS or QR code - who then inputs their account information. After being reviewed and verified, the payment is sent directly to the beneficiary.

Stephen Everett, managing director of cash management and payments at Llods bank, says: “Payment solutions in the market today generally use Bacs for a three-day settlement or the need to send a physical cheque. Through Lloyds Bank PayMe, companies can send funds to customers, clients, or suppliers easily and within minutes, and no need to capture and store account details for one-off payments.”

He says businesses across all sectors can use Lloyds Bank PayMe in a range of ways including for one-time vendor payments, goodwill gestures, compensation payouts, refunds, hardship payments, volunteer expenses, and grants.

To learn more about payments innovation, register for NextGen Nordics to take place on 25 April 2023.

Comments: (2)

Chris Davis
Chris Davis - Kyndryl - London 18 April, 2023, 07:22Be the first to give this comment the thumbs up 0 likes Sounds like a super service Steve well done…. Taking some of the friction out of these one off payments is really important…
A Finextra member
A Finextra member 18 April, 2023, 07:36Be the first to give this comment the thumbs up 0 likes

Slick approach.... hope uptake follows,,,,,  these need to be sticky in the minds of the businesses making the one-off payment and need to be easily understood by the recipients -  Good UX/CX will be vital.  The beneficiary needs to trust the message before entering their data.... I am sure the good folks at Lloyds have thought through all of this!   Good luck!   If it works it will be triples all round!!!!!