Lloyds Bank partners with ProjectPay on construction payments

Lloyds Bank Commercial Banking is collaborating with ProjectPay to help tackle the issue of late payments in the UK construction market.

Lloyds and ProjectPay, which is a building and construction payment platform, say that their joint solution will address the high rates of non-payment in the industry’s supply chains and support in mitigating the risk of misappropriation of funds or building project insolvency.

On the platform, project accounts will be made available as soon as a project is created.

Lloyds Bank will provide three APIs which it says will enable the platform to “ensure fair and fast payment of all UK project stakeholders”.

Lloyds Bank’s PayFrom API lets contractors deposit funds to Project Pay’s platform instantly.

Its Event Driven Notification API then notifies stakeholders within the project supply chain that funds have been lodged in the account, ready for distribution.

“Greater digitisation is critical if UK construction is to overcome the issue of late payments,” said Steve Everette, head of payments and receivables, client products and Lloyds Bank Commercial Banking. “The solution we’ve developed with ProjectPay uses API technology to give businesses at every stage of a construction project’s supply chain confidence that they will be paid quickly and securely for their work.”

Everett added: “Every sector’s payment needs are different. Our work with ProjectPay underlines that collaboration between technology providers is an effective way to tackle industry-specific pain points.”

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