Lloyds Bank has introduced a service that permits businesses to make one-time payments when the recipient’s bank information is unknown. Businesses don’t need to collect or manage account information or register one-off suppliers with Lloyds Bank PayMe, which was created in collaboration with Bottomline Technologies.
Once the payment has been approved, businesses send the beneficiary a secure link via email, SMS, or QR code, where they can enter their account information. The payment is sent directly to the beneficiary after review and verification.
According to Stephen Everett, managing director of cash management and payments at Lloyds Bank, “through Lloyds Bank PayMe, companies can send funds to customers, clients, or suppliers easily and within minutes, and there is no need to capture and store account details for one-off payments.”