UK Car Dealer Is First to Use Lloyds Bank A2A Payments Solution

Car dealership JCT600 is the first retailer on record to make use of Lloyds’ PayFrom Bank account-to-account payment process, which displaces plastic cards for online checkout, a report says.

PayFrom Bank was debuted in July 2021 and uses Mastercard’s payment gateway capabilities along with the Open Banking Connect platform. This provides a merchant A2A service to cover almost 95% of U.K. bank accounts with open banking APIs.

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The new functionality will make up part of JCT600’s new Buy Online offer, which will let users reserve, browse and buy a car online without needing to visit the dealer.

PayFrom Bank is supposed to cut out friction in the checkout process, letting users use a service without registering or providing card details or sharing personal data. Rather, they’ll be able to use their online banking service to make a payment, with details filled in automatically.

“Lloyds Bank is delighted to support JCT600 with our PayFrom Bank online payment capability,” said Steve Everett, managing director of payables and receivables for Lloyds Bank. “We both recognize the importance of making the online buying experience as simple, secure, and hassle-free for customers as possible. PayFrom Bank is one of a suite of APIs we have developed to help create friction-free customer journeys and streamline business processes.”

Lloyds also recently acquired a minority stake in Bink, a loyalty app startup, PYMNTS wrote.

See also: High Street Bank Lloyds Acquires Stake in FinTech Loyalty App Bink

The deal went forward for an undisclosed amount – it was expected to be in the millions of pounds.

The investment comes after Barclays’ $12.9 million backing of Bink in 2019.

Bink was started in 2015 in the U.K. Its services allow for storing and viewing loyalty cards on one’s smartphone. It also automatically links payment cards for points and rewards. It uses specialized tech to let a customer payment card act as a loyalty card, letting people be identified and rewarded whenever they shop.

Bink has partnered with Harvey Nichols in 2017 and Japanese chain Wasabi in 2020, among others.