Mastercard’s Open Banking Connect is now available to Lloyds Bank credit card customersFebruary 23, 2021 | London, UK | By James Thorpe
- Lloyds Bank customers can now pay their credit card bills via their mobile app, leveraging Mastercard’s open banking technology.
- Mastercard’s Open Banking Connect enables a single universal connection to any financial institutions’ open banking functionality regardless of their API.
- This innovation offers Lloyd’s credit card customers more choice and faster payment when paying down their credit card balance.
London, 23rd February 2021 – 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.”
Mastercard Open Banking Connect provides third party service providers with a single, universal connection to financial institutions’ open banking functionality regardless of their API standard or implementation. It reduces the set-up time and complexity of registering with multiple financial institutions, enabling service providers to focus their resources on developing innovative and impactful value propositions. For a financial institution, it also provides reassurance thanks to the secure authentication features that establish and maintain connectivity with high levels of resilience.