Lloyds bank selects Optal to enable B2B payments solutions

Lloyds bank selects Optal to enable B2B payments solutions
Source: IBS Intelligence

Australian payments fintech Optal, a B2B payment solutions provider, has signed a new deal with Lloyds Bank to enable the UK based bank in offering services to its Commercial Banking clients.

The service is expected to strip away the traditional barriers associated with suppliers having to accept card payments. Optal’s Invapay solution will allow Lloyds Bank Commercial Banking clients and their suppliers to benefit from transparent and streamlined payments.

Optal’s Invapay will allow corporate buyers to use commercial cards to pay suppliers. It does this by converting commercial card transactions into cash to pay non-card accepting suppliers by Electronic Funds Transfer (EFT). This means suppliers don’t have to go through the time and expense of onboarding processes to receive card payments.

Andrew Watson, Global Head of Working Capital Solutions, Optal commented, “ We’re delighted to be teaming up with Lloyds Bank to optimise B2B payments for even more businesses around the world, Our Invapay platform really does offer a win-win for all concerned: fast, friction-free payments to facilitate seamless, transparent business processes.”

Lloyds Bank Commercial Banking clients will be able to use a secure payments system to improve supplier relations through the option to offer early payment solutions. The partnership will enable Lloyds Bank to offer a B2B payment solution to its clients.

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