The solution enables individuals to make online payments directly from their bank accounts, giving consumers more choice over how they pay and providing merchants with instant settlement of funds. United Response, a charity supporting vulnerable people, is the first merchant to sign up.
Mastercard and Lloyds Bank Commercial Banking have partnered to deliver a new Open Banking payment solution to Lloyds Bank’s business clients. Lloyds Bank’s PayFrom Bank, enabled by Mastercard’s Open Banking Merchant Payment Solution, lets consumers make payments on an organisation’s website directly from their bank account, without having to enter any payment details.
Mastercard and Lloyds Bank’s partnership will help to move open banking account-to-account (A2A) payments into the mainstream. PayFrom Bank combines Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform – a universal connection to financial institutions’ Open Banking functionality – to deliver a merchant A2A payment solution that covers around 95% of UK bank accounts leveraging Open Banking APIs.
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