UK-based Lloyds is preparing to launch Get Paid, a tool that will allow business banking customers to issue invoices and collect payments within the Lloyds app and online banking. The service will be offered at no additional cost, so customers will not need separate invoicing or accountancy software. It is powered by technology from BankiFi and is scheduled to go live later this year, according to the original announcement.
Invoicing and collection within the banking interface
With Get Paid, Lloyds business customers will be able to create and send invoices, issue secure payment links, and track paid and outstanding requests. Automated reminders are designed to cut the time businesses spend following up on unpaid invoices.
Invoicing, payment requests and payment tracking will sit in a single environment. This is intended to reduce the need for businesses to move between separate systems and records when managing day-to-day finances. Lloyds describes the approach as 'embedded accounting', meaning customers can use tools beyond conventional banking products without relying on additional software.
An expanded partnership with BankiFi
The launch builds on an existing relationship between the two companies. Earlier this year, BankiFi supported the rollout of Lloyds' Making Tax Digital for Income Tax functionality within the Lloyds Business Current Account. Get Paid adds invoicing and payment collection to the financial administration tasks customers can complete through the bank's digital channels.
For BankiFi, the expanded partnership shows its technology operating at scale, allowing banks to embed wider financial workflows directly into the banking experience. BankiFi's chief executive noted that invoicing, getting paid and tax administration have not traditionally been treated as banking services, although they are core financial workflows for businesses. In the executive's view, bringing these capabilities into the banking environment allows banks to move beyond individual products and become more central to how businesses operate.
A Lloyds official said businesses should not have to pay extra for the tools they need to get paid. The official added that building invoicing and collection into the banking experience is meant to make cash flow management easier for customers.
Late payments in the UK small business market
The initiative targets late payment, a persistent issue for smaller businesses in the UK. UK Government research found that 49% of small businesses said their business customers typically take longer to pay than the agreed terms. The Office of the Small Business Commissioner estimates that 14,000 businesses close each year because of late payments. It also estimates that UK businesses are owed approximately EUR 30 billion in overdue payments at any given time, an average of around EUR 19,500 per business.
Automated reminders and trackable payment links are aimed at the administrative work involved in chasing receivables. The launch also makes Lloyds' business banking channels an entry point for invoicing and collection, functions that businesses have typically handled through standalone invoicing or accountancy software.
