Lloyds Banking Group has chosen DH Corporation’s Bacs payment service to enhance direct debit and direct credit processes.
The technology vendor said that the D+H solution, white labelled by the bank, was chosen by the bank owing to quick time-to-market, resiliency, proven disaster recovery and business continuity capabilities.
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The solution will support direct debit and direct credit connectivity, automated retrieval of Bacs messages, a full service direct debit management suite, and integration with clients' ERP systems.
D+H business unit head Dyfan Williams said: "There is increasing demand for businesses of all sizes to focus on driving down costs by reducing or eliminating manual processing and increasing cash flow. By providing a Bacs payment service, Lloyds Banking Group is enabling its clients to minimize manual work, reduce costs, and eliminate errors.”
The bank will initially offer the Bacs capabilities to small- and medium-sized enterprises as well as mid-market clients, though the solution can also be scaled to serve global transaction banking or large corporate bank clients.
“This level of control and flexibility enables buyers and suppliers alike to take advantage of preferred payment terms, further increase the positive impact on cash flow, and develop strong working relationships," Williams added.
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