Lloyds Bank has launched a service that allows businesses to make one-off payments where the beneficiary’s bank details are not known.
Stephen Everett, managing director of cash management and payments at Llods bank, says: “Payment solutions in the market today generally use Bacs for a three-day settlement or the need to send a physical cheque. 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.”
He says businesses across all sectors can use Lloyds Bank PayMe in a range of ways including for one-time vendor payments, goodwill gestures, compensation payouts, refunds, hardship payments, volunteer expenses, and grants.
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- Source: https://www.finextra.com/newsarticle/42155/lloyds-bank-launches-payme-for-instant-b2b-payouts?utm_medium=rssfinextra&utm_source=finextrafeed
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