Mastercard makes Open Banking Connect available for Lloyds Bank credit cards

The new functionality means cardholders can pay their credit card bills via their mobile app and draw on funds directly from a current account of their choice. By initiating a PISP (Payment Initiation Service Provider) payment using Mastercard’s Open Banking Connect system, the Lloyds app will now also enable customers to have more choice over how they securely pay their credit card balance, crucially saving time, with no need for re-keying debit card details or having to set up the credit card as a payee from a current account using a different banking app. This is in addition to Lloyds’ existing Open Banking features, which allow customers to manage their money and compare current accounts from different banks.

Mastercard Open Banking Connect provides third party service providers with a single, universal connection to financial institutions’ Open Banking functionality regardless of their API standard or implementation. It reduces the set-up time and complexity of registering with multiple financial institutions, enabling service providers to focus their resources on developing innovative and impactful value propositions. For a financial institution, it also provides reassurance thanks to the secure authentication features that establish and maintain connectivity with high levels of resilience.