Lloyds Banking Group is tapping Mastercard's Open Banking software to enable customers to pay off 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, Lloyds Banking customers will no longer need to go through the hassle of 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.
Elyn Corfield, MD consumer finance, Lloyds Banking Group says: “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.”
The new offering is in addition to Lloyds’ existing open banking features, which already allow customers to manage their money and compare current accounts from different banks.