Lloyds Bank partners Billhop for B2B payments
Lloyds Bank has partnered with Billhop to utilise the firm’s B2B payments solutions and streamline processes for its corporate clients across the UK.
Billhop partners Lloyds Bank
Billhop says that the partnership will enable Lloyds Bank’s clients to “overcome common card-payment barriers stemming from low card acceptance rates on the supplier side”.
Businesses will be able to pay all invoices using the bank’s Commercial Card, including invoices from suppliers who do not accept card payments, allowing “faster” payments with no supplier onboarding required.
Billhop will act as a Bill Payment Service Provider (BPSP) for Lloyds Bank, performing compliance checks before debiting the client’s card and electronically transferring funds to the supplier’s bank account when due.
The two firms carried out a test with an existing client, in which it was able to make a transaction of over €300,000 via the platform.
Founded in 2012, Billhop is a Swedish paytech firm based in Stockholm. It claims to be “on track” to process over €300 million in transactions this year.
