Author: Open Banking Expo

open banking

Lloyds Bank taps Mastercard’s Open Banking Connect for credit card customers

Mastercard’s Open Banking Connect service is now enabled for credit card holders of Lloyds Banking Group brands: Halifax, Bank of Scotland and Lloyds Bank itself. The new functionality means cardholders can pay their credit card bills via their mobile app and draw on funds directly from a current account of their choice.

By initiating a PISP (Payment Initiation Service Provider) payment using Mastercard’s Open Banking Connect system, the Lloyds app will now also enable customers to have more choice over how they securely pay their credit card balance, crucially saving time, with no need for re-keying debit card details or having to set up the credit card as a payee from a current account using a different banking app. This is in addition to Lloyds’ existing Open Banking features, which allow customers to manage their money and compare current accounts from different banks.

Kelly Devine, Divisional President for UK & Ireland at Mastercard said: “Offering innovative, convenient and secure ways for people to pay is what we all strive for at Mastercard, and our Open Banking solutions bring together the best both card and account to account payment rails. Lloyds customers can now pay down their credit card balances directly from an account of their choice.”

Elyn Corfield, MD Consumer Finance, Lloyds Banking Group said: “We are constantly looking for new ways to offer our customers security, choice and convenience and this partnership with Mastercard allows us to do just that. We want to make it quick and easy for our customers to pay their credit card bills in just a few clicks, safe in the knowledge that their payments are completely secure.”

Source: Open Banking Expo

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