Lloyds Bank has renewed its strategic partnership with commerce platform FreedomPay.

The bank said the move is part of its continued growth strategy to offer its business customers access to “fast, efficient and secure” payments solutions.

The move gives merchants using Lloyds’ Carnet access to FreedomPay’s payment processing capabilities.

They are able to process payments across borders, sectors, point of sales and merchant service providers.

“Our renewed strategic partnership with FreedomPay will enable us to continue offering best-in-class payments solutions to our clients," said Melinda Roylett, managing director, Lloyds Bank Merchant Services. "We look forward to developing more benefits that add further value to the service we currently provide our clients with, to help them grow their businesses.”

Earlier this week, Lloyds Bank announced the launch of a new paperless solution which allows its business customers to request digital Direct Guarantees or Standby Letters of Credit.

The bank said that the move would enable companies to “trade more efficiently, safely, and securely”.

Lloyds' says that its Paperless Guarantee initiative, designed for businesses who have a high volume of transactions requiring bank guarantees to be issued, enables "instant" delivery to recipients while reducing their carbon footprint.

The new solution forms part of the bank's wider plan to digitise trade and follows its successful completion of the first digital trade transaction under the UK’s new Electronic Trade Documents Act (ETDA).

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