B2B transaction specialists Optal has reached an agreement with British-based Lloyds Bank to enable new services to its commercial banking clients.
Through the use of Optal’s Invapay solution, the firm said its service strips away “traditional barriers associated with suppliers” when accepting card payments.
Lloyds Bank expect the integration to make payments more transparent for its supplier clients and further streamline the process.
“We’re delighted to be teaming up with Lloyds Bank to optimise B2B payments for even more businesses around the world,” commented Andrew Watson, global head of working capital solutions, Optal.
“Our Invapay platform really does offer a win-win for all concerned: fast, friction-free payments to facilitate seamless, transparent business processes.”
Optal’s Invapay solution enables corporate buyers to use commercial cards in order to pay suppliers.
It operates by converting commercial card transactions directly into cash that can then be used to pay non-card accepting suppliers by electronic funds transfer (EFT) – meaning suppliers cut out onboarding processes.
Lloyds Bank Commercial Banking clients will be able to use the highly secure payments system to improve supplier relations through the option to offer earlier payment.
James Sykes, head of commercial cards, Lloyds Bank, expressed the companies excitement at incorporating Invapay for its commercial banking customers.
He said: ”This offers them a great opportunity to simplify their payment landscape, whilst optimising the working capital benefits of their card facility, and expanding the range of suppliers they can pay with cards.
“I am pleased that we will be working with Optal and will be able to leverage their expertise in this expanding area of payments.”