Lloyds Partners Visa for Payment Tech
(3 August 2021 – United Kingdom) Lloyds Bank has recently partnered with Visa to offer customers the benefits of Straight-Through-Processing (STP) technology when using commercial cards. The partnership will provide Lloyds corporate customers with highly efficient invoice payments through STP technology creating a better working relationship between buyers and suppliers.
This technology will allow buyers to time their payments and flexibly manage cash flows. Marking a key advantage over traditional bank transfers. It will also allow suppliers to directly receives fund into their account and easily identify the source of the payment through advanced data remittance.
“Partnering with Visa to add STP technology to our commercial cards is a direct result of us acting on a payments pain point for our clients. STP turns the traditional supplier-initiated payments model on its head. It makes conversations around card payments easier, provides more control and insight over the transaction and can help buyers and sellers improve their working capital” commented Lloyds Bank Head of Commercial Cards, James Sykes
“Commercial cards are a secure, reliable and convenient way for businesses to pay. STP will help make the experience of paying invoices easier and more streamlined for both suppliers and buyers. We’re delighted to partner with Lloyds Bank to help their customers better manage their cashflow and their supplier relationships at such a critical moment for UK businesses” commented Visa Business Solutions Executive Director, Helen Jones.
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