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July 17, 2019

Lloyds Bank taps Optal to streamline B2B card payments

British lender Lloyds Bank has partnered with B2B transactions processor Optal to streamline card payments for its commercial banking clients.

Under the collaboration, Lloyds Bank will leverage Optal’s Invapay solution. The solution will enable the corporate buyers to use commercial cards to pay suppliers.

Invapay converts commercial card transactions into cash and pays non-card accepting suppliers through Electronic Funds Transfer (EFT).

The process eliminates the need for the supplier to integrate with corporate clients’ onboarding process to receive card payments.

Additionally, it provides the Lloyds Bank commercial banking clients with an earlier payment option to its suppliers.

Optal global head of working capital solutions Andrew Watson said: “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 head of commercial cards James Sykes said: “We are excited by the new capabilities we are now able to offer to our Commercial Banking customers.

“This offers them a great opportunity to simplify their payment landscape, whilst optimising the working capital benefits of their card facility, and expanding the range of suppliers they can pay with cards.

“I am pleased that we will be working with Optal and will be able to leverage their expertise in this expanding area of payments.”

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