Mastercard and Lloyds Bank Commercial Banking have announced a new partnership to deliver an Open Banking payment solution for the bank’s business clients.
Lloyds Bank’s PayFrom Bank, enabled by Mastercard’s Open Banking Merchant Payment feature, enables consumers to make payments on an organisation’s website directly from their bank account, without having to enter any payment details.
PayFrom Bank combines Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform – a universal connection to financial institutions’ Open Banking functionality – to deliver a merchant A2A payment solution that covers around 95 per cent of UK bank accounts leveraging Open Banking APIs.
Initial interest in PayFrom Bank is coming from charities for online donations and wallet funding use cases such as investment accounts, although it can be used for any payment scenario.
United Response, a charity that provides support to people with learning difficulties, autism, and mental health needs, is the first merchant to sign up.
“Our Open Banking Merchant Payment Solution offers merchants and consumers an alternative to card based payments and even greater choice over how they checkout,” said Kelly Devine, divisional president of Mastercard UK and Ireland. “Merchants can now provide their customers with a wider range of payment methods without needing to store payer account details. It also removes friction for consumers as all payer details are automatically populated, meaning there’s no risk of entering the wrong account details.”
Devine added: “We’re excited to be partnering with Lloyds who has a strong pipeline of merchants waiting to sign up to PayFrom Bank.”
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