Lloyds Bank has launched a new PayMe service that allows businesses to make one-off payments where the beneficiary’s bank details are not known.
It is being targeted at businesses across a range of sectors and for those looking for quick ways to make one-time vendor payments, compensation payouts, refunds and hardship payments among others.
In a statement the bank said the service removes the need for businesses to gather or manage account information or register one-off suppliers while payees will no longer have to wait up to three working days to receive the funds. Instead, once the payment is approved, companies simply send a secure link to the beneficiary who then inputs their account information. After being reviewed and verified, the payment is sent directly to the beneficiary.
“We’ve developed this service to support our clients in driving efficiencies in their business while further enhancing the customer experience they’re providing,” said Stephen Everett, Managing Director of Cash Management & Payments at Lloyds Bank.
He added, “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.”
Lloyds Bank PayMe has been developed in partnership with Bottomline Technologies. The bank added that other key benefits for businesses include reducing their cheque issuance and manual processes, and associated costs.
