The new high-tech feature speeds up the process of applying for a bank account by pre-populating key data fields including name, title, date of birth, gender, and country of birth. As well as a slicker experience for customers, it also reduces the risk of errors which can cause delays.
The app utilises Near Field Communication (NFC) technology to scan a chip embedded within the passport, similar to how contactless payments are made. While the use of NFC technology has become common, especially since the launch of contactless payments, Lloyds Banking Group is amongst the first to leverage this technology for ID verification within UK banking.
In October 2023, Lloyds Bank has collaborated with commerce platform FreedomPay to provide clients with a range of efficient and secure payment solutions. This partnership grants merchants using Lloyds Bank Cardnet access to FreedomPay's advanced payment processing technology, allowing flexible transactions across borders, sectors, and service providers.
FreedomPay's Next Level Commerce platform, a cloud-based solution, ensures fast and secure payments, supporting multiple payment methods including mobile wallets.
Lloyds Bank officials express optimism about enhancing their clients' payment experience and growing their businesses through this strategic partnership, while FreedomPay emphasizes the joint effort in redefining the customer experience for UK merchants by integrating loyalty, security, and value-added services.
In the same month as the partnership with FreedomPay, Lloyds Bank has developed a digital trading solution that aims to support businesses to transact more efficiently.
This solution allows clients to request digital Direct Guarantees or Standby Letters of Credit, aiming to help them trade more effectively, safely, and securely. Designed to support businesses that have a high volume of transactions requiring bank guarantees to be issued, Paperless Guarantee enables instant delivery to recipients while minimising their carbon footprint.
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