Mastercard and Lloyds Bank Commercial Banking have come together to deliver an open banking payments solution, PayFrom Bank service to help provide customers with more choices over how they pay and enhance their user experience, according to media reports.
Lloyds will be releasing a new payment service that will enable customers to pay directly on an organisation’s website directly from their bank accounts without needing to enter any payment details. It will also provide a seamless payment option without the need of adding information or entering any payment details.
The service combines Mastercard’s payment gateway capabilities and Lloyds’ open banking platform to help deliver A2A payment pages to its customers that cover 95 percent of UK bank accounts with Open Banking APIs.
Kelly Devine, Divisional President of Mastercard UK and Ireland told the media,” 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. We’re excited to be partnering with Lloyds who has a strong pipeline of merchants waiting to sign up to PayFrom Bank.”
The PayFrom Bank has definitely piqued the interest of a large number of nonprofit organisations that look for digital donations along with wallet funding uses like investment accounts.