Following the announcement, the bank’s 600,000 Business Internet Banking subscribers are set to accept payments using just a mobile phone number, without the need for their customers to provide full account details.
The Paym service, launched by the UK Payments Council earlier in 2014, had previously been limited to personal banking customers.
Businesses will now be able to register up to 50 different mobile devices to receive funds from customers of any bank, with the service aimed at small companies and sole traders. However, it is not currently possible for companies to send money, although the bank plans to review this in future.
A number of banks are currently supporting the mobile payments service, including Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, first direct, Halifax, HSBC, Lloyds Bank, Santander and TSB.
Others such as Nationwide Building Society and Tesco Bank are planning to provide Paym from 2015, while Royal Bank of Scotland (RSB), Natwest and Ulster Bank have recently unveiled that customers will be able to receive payments, with full services launched in 2015.
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