Mastercard and Lloyds Bank team up for Open Banking checkout solution
By Megha Bhattacharya
Mastercard and Lloyds Bank Commercial Banking have partnered to deliver a new Open Banking payment solution to Lloyds Bank’s business clients. Lloyds Bank’s PayFrom Bank, enabled by Mastercard’s Open Banking Merchant Payment Solution, lets consumers make payments on an organisation’s website directly from their bank account, without having to enter any payment details.
The solution aims to give consumers greater choice over how they pay and enhances their user experience by providing a quick, secure and seamless payment option without the need to remember passwords or input data.
Kelly Devine, Divisional President of Mastercard UK and Ireland, 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 and Lloyds Bank’s partnership will help to move open banking account-to-account (A2A) payments into the mainstream. PayFrom Bank combines Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform to deliver a merchant A2A payment solution that covers around 95% of UK bank accounts leveraging Open Banking APIs.
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September 29, 2023