UK-based Lolly, a provider of hospitality technology, has partnered with Lloyds to launch a Pay by Bank system, showcasing it at the Open Banking Expo.
The rollout enables customers to make direct and secure bank-to-bank transfers from a self-service kiosk, eliminating the need for card transactions and offering instant payment settlement for businesses. The solution contributes to Pay by Bank applications within a self-service hospitality environment, improving security, speed, and convenience for customers.
Instant bank-to-bank transactions for self-service kiosks
Lolly is a hospitality technology provider that offers POS, payment, and smart data tech for the industry. The company’s mission is to create improved solutions that are accessible, simple, and convenient. Its cloud-based solutions make the point of sale simple and efficient, covering the complete digital journey.
Created in partnership with Lloyds and CH&CO, a hospitality-focused firm, the system allows users to select Pay by Bank at checkout, scan a QR code, and complete payment through their mobile banking app. The funds will be directly transferred to the retailer’s account in real time, making transactions faster and reducing processing fees.
The concept will be demonstrated first on the Lloyds stand at the expo, and attendees will see the system in action via a live demonstration. With the alliance and rollout, Lolly aims to show how Open Banking can simplify payments, improve security, and offer more value for merchants. With Lloyds and CH&CO, the company designed a new solution that unifies technology and financial services. Lolly also mentioned that it aims to explore how Pay by Bank can evolve across the wider hospitality and retail space in the future.
The system was initially trialled within Lloyds’ head office, and now offers immediate payment visibility and reconciliation for merchants. For users, this means a fast and intuitive way to make purchases. Lloyds is committed to further looking for initiatives that make life easier for its customers and clients.
