Lloyds Bank Commercial Banking has joined forces with Mastercard to offer a new Open Banking payment solution to its business clients.
The new offering, dubbed PayFrom Bank, will allow consumers to make payments on an organisation’s website directly, without entering any payment details.
Mastercard claims that the solution will offer consumers a quick, secure, and seamless payment solution without having to remember passwords or input data.
The firms expect the partnership to move open banking account-to-account (A2A) payments into the mainstream.
PayFrom Bank leverages Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform to deliver a merchant A2A payment solution, which covers around 95% of UK bank accounts through Open Banking APIs.
Mastercard divisional president of the UK and Ireland Kelly Devine said: “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.”
Mastercard offers its Open Banking Merchant Payment Solution as a white-label solution.