Lloyds Bank has announced the launch of a new service through which businesses can make one-time payments in cases where there is no information about the details of the recipient.

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The new service was named Lloyds Bank PayMe and was developed in cooperation with Bottomline Technologies. In this case, enterprises get rid of the obligation to find out account details or to carry out the process of managing it. Also, the new service does not involve mandatory registration of one-time suppliers.

After the financial transfer transaction is approved, the companies send the recipient a secure link by e-mail, in the form of an SMS message or a QR code. Then the recipient enters information about the account belonging to him. After the verification, a payment transfer operation is carried out.

Stephen Everett, Managing Director of Money Management and Payments at Lloyds Bank, says that currently, the financial services market presents payment solutions that usually use Bacs to make payments within three days or, if necessary, to send a physical check.

Lloyds Bank PayMe offers a simplified procedure. With the help of the new service, companies have the opportunity to transfer funds to customers, suppliers, or customers. There is no need to collect and store account data for one-time payments.

Stephen Everett also noted that the new service can be used by enterprises in any field of activity in various ways. Lloyds Bank PayMe is the right solution for one-time payments to suppliers, goodwill gestures, compensation payments, refunds, charitable payments, volunteer expenses, and grants.

Scottish Water has already announced the introduction of a new service to assist with standard payment operations. Representatives of the company say that this solution will allow customers to receive payments within one working day. The previous procedure for performing operations in this category could last more than a week.

Brian Lironi, Director of Corporate Affairs at Scottish Water, says that customers are at the heart of what the company does, and the firm wants to ensure that every interaction with consumers will be characterized by a high level of quality. He also noted that the new service will provide benefits both in terms of the timing of operations and in terms of the specifics of data processing.

As we have reported earlier, Lloyds Bank to Move Trade Finance Documentation to Blockchain.