Lloyds Bank has announced a partnership with Blue Motor Finance for commercial banking payment Application Programming Interfaces (APIs) for use in the motor finance market.
The two companies, which did not disclose any finances involved in the partnership, said they would collaborate to develop instant payments through Lloyds Bank’s Commcercial Banking API Lab, specifically focussed on an innovative Faster Payments and direct debit API.
The two companies have a longstanding relationship and plan to build on this further, to bring instant payments to the car finance market.
Loans agreed between Blue Motor and Lloyds Bank will now be processed in real-time, meaning that Blue Motor’s customers can receive funds in a few minutes.
Blue Motor Finance CTO, Charlie Barker said: “The instant payments system is a landmark moment for Blue Motor Finance and for the entire car finance industry. For the first time, it will mean that our customers will be able to make critical investment decisions, including at a vehicle auction, for example, with the knowledge that they’ll receive cleared funds in their account, potentially within two minutes.”
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