Through Lloyds Bank PayMe - developed in partnership with Bottomline Technologies - businesses do not have to gather or manage account information or register one-off suppliers. Once the payment is approved, companies send a secure link to the beneficiary - via email, SMS or QR code - who then inputs their account information. After being reviewed and verified, the payment is sent directly to the beneficiary.

Stephen Everett, managing director of cash management and payments at Llods bank, says: “Payment solutions in the market today generally use Bacs for a three-day settlement or the need to send a physical cheque. Through Lloyds Bank PayMe, companies can send funds to customers, clients, or suppliers easily and within minutes, and no need to capture and store account details for one-off payments.”

He says businesses across all sectors can use Lloyds Bank PayMe in a range of ways including for one-time vendor payments, goodwill gestures, compensation payouts, refunds, hardship payments, volunteer expenses, and grants.