Financial news

Lloyds Bank has launched a new payment transfer service called PayMe, aimed at businesses across all sectors. PayMe enables businesses to make one-off payments without knowing the beneficiary’s bank details, meaning payees can receive funds within minutes.

Companies can send a secure link to the beneficiary via email, SMS, or QR code once they approve the payment. The beneficiary then inputs their account information, and the system reviews and verifies it before sending the payment directly to them.

One of the significant benefits of using PayMe is that payees no longer have to wait up to three working days to receive the funds. Besides improving customer service, the service helps businesses reduce cheque issuance, manual processes, and their associated costs.

Stephen Everett, managing director of cash management & payments at Lloyds Bank said: “Through Lloyds Bank PayMe, companies can send funds to customers, clients, or suppliers easily and within minutes, and no need to capture and store account details for one–off payments.”

Working with Scottish Water

Scottish Water is one of the first companies to sign up for the PayMe service. The company expects to pay customers within the same business day, compared to the current process, which can take up to 10 days to complete. Scottish Water’s director of corporate affairs, Brian Lironi, stated that “PayMe will provide a huge benefit to our customers in terms of payment times and data handling”.

Lloyds Bank developed PayMe in partnership with Bottomline Technologies to support its clients in driving efficiencies in their business while further enhancing the customer experience they are providing.

Unlike payment solutions in the market today, which generally use Bacs for a three-day settlement or the need to send a physical cheque, companies can send funds to customers, clients, or suppliers easily and within minutes, and no need to capture and store account details for one-off payments.

The launch of PayMe by Lloyds Bank provides a new option for businesses to streamline their payment processing and could also help in reducing travel emissions and carbon footprints. It hopes the service will be a game-changer for businesses looking to simplify and expedite their payment processing.