Mastercard’s Open Banking Connect service is now enabled for credit card holders of the Lloyds Banking Group brands, including the Halifax, Bank of Scotland and Lloyds Bank itself.
The new functionality means cardholders can pay their credit card bills via their mobile app and draw on funds directly from a current account of their choice.
By initiating a PISP (Payment Initiation Service Provider) payment using Mastercard’s Open Banking Connect system, the Lloyds app will enable customers to have more choice over how they securely pay their credit card balance.
There is now no need for re-keying debit card details or having to set up the credit card as a payee from a current account using a different banking app.
The Mastercard update is in addition to Lloyds’ existing Open Banking features, which allow customers to manage their money and compare current accounts from different banks.
Kelly Devine, divisional president for the UK and Ireland at Mastercard, said: “Offering innovative, convenient and secure ways for people to pay is what we strive for and our Open Banking solutions bring together the best card and account-to-account payment rails.
“Lloyds customers can now pay down their credit card balances directly from an account of their choice.”
Elyn Corfield, managing director for consumer finance at Lloyds Banking Group, added: “We want to make it quick and easy for our customers to pay their credit card bills in just a few clicks, safe in the knowledge that their payments are completely secure.”
Latest News
-
HSBC, Standard Chartered back UK-Southeast Asia financial services partnership
-
Paymentology hires new chief revenue officer
-
Macquarie Bank agrees to pay A$10m fine over lack of third-party controls
-
UBS to ‘axe third of staff’ in China private funds business
-
Santander Germany to cut 500 jobs and exit mortgage business
-
BNP Paribas launches Tap to Pay on iPhone
Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.
Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.
Click here to read the 2023 State of the Phish report from Proofpoint.
Click here to read the 2023 State of the Phish report from Proofpoint.
Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.
Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories