Lloyds Bank has teamed with Billhop to utilize the company’s B2B payments solutions and optimize operations for its business clients in the United Kingdom.
The cooperation, according to Billhop, would allow Lloyds Bank’s clients to “overcome frequent card-payment hurdles caused by poor card acceptance rates on the supplier side.”
Businesses will be able to pay all bills, even those from suppliers that do not take card payments, with the bank’s Commercial Card, enabling “faster” payments with no supplier onboarding necessary.
Billhop will function as a Bill Payment Service Provider (BPSP) for Lloyds Bank, executing compliance checks prior to debiting the client’s card and sending monies electronically to the supplier’s bank account when due.
A test was conducted with an existing client, who was able to complete a transaction of over €300,000 using the platform.
Billhop is a Swedish paytech company founded in 2012 and headquartered in Stockholm. It claims to be “on pace” to complete transactions worth over €300 million this year. – FintechFutures
Source Link Lloyds Bank partners Billhop for B2B payments
