Billhop Announces New Partnership with Lloyds Bank

[UNITED KINGDOM, 19/10/22]

• Billhop announces new partnership with Lloyds Bank
• The service enables businesses to make seamless card payments to any supplier
• After a successful pilot, the offering will now become available to Lloyds Bank’s corporate customers

Billhop, the B2B payment platform enabling seamless card-based invoice payments, has signed a new strategic partnership with Lloyds Bank, a leading provider of financial services for businesses across the UK.   

The partnership will deliver Billhop’s innovative B2B payment solutions to Lloyds Bank’s corporate clients, enabling them to overcome common card-payment barriers stemming from low card acceptance rates on the supplier side.  

As part of Lloyd’s Bank’s commitment to sourcing key market-leading technologies and working capital solutions, the new service will allow businesses to pay any invoice by Commercial Card, including those from suppliers who do not yet accept card payments. The solution offers a secure payment system that simplifies payables processes, allowing for faster payments with no supplier enrolment or onboarding required.

A secure, flexible and scalable solution

After receiving an invoice, Lloyd Bank’s corporate clients will be able to request a payment from their Commercial Card credit line, with Billhop acting as a BPSP (Bill Payment Service Provider), performing the necessary compliance checks before debiting the client’s selected card and carrying out an electronic funds transfer to the supplier’s bank account on the selected due date.

 

 We have long recognised Lloyds’ commitment to supporting businesses as well as their drive to adopt innovative solutions. Our partnership with Lloyds Bank is especially noteworthy because of its capacity to completely overhaul the B2B payments landscape for large corporations across the UK.  As businesses increasingly turn to cards as their payment method of choice, this new solution offers a flexible and scalable working capital financing and tail spend solution.

Giorgio Giurdanella, Head of Enterprise Growth at Billhop,

A successful pilot

A test of the new technology was carried out with an existing Bank client who was able to make a successful transaction of over €300,000 shortly after being set up on the platform.

 

This is another great example of us leveraging technology to support our corporate customers with innovative payment and working capital solutions.

By working with Billhop, we can offer our customers a simple, seamless, and secure way to extend the flexibility of their Commercial Card. It helps them manage their working capital, and for their suppliers, it means quicker payment with no enrolment needed.

James Sykes, Head of Commercial Cards at Lloyds Bank

More information about Billhop and its payment solutions can be found at billhop.com

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Press  contacts:

Billhop

Press: press@billhop.com
Pixie D. : pixie@billhop.com

Lloyds:

Calum Anderson: calum.anderson@citypress.co.uk
Jamie Williamson: jamie.williamson@citypress.co.uk
Tel: 0161 235 0300

 

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