Optal has signed a new deal with Lloyds Bank which will enable to offer innovative services to its Commercial Banking clients.
The service will strip away the traditional barriers associated with suppliers having to accept card payments.
Optal’s innovative Invapay solution will allow Lloyds Bank Commercial Banking clients and their suppliers to benefit from transparent and streamlined payments.
Invapay allows corporate buyers to use commercial cards to pay suppliers. It does this by converting commercial card transactions into cash to pay non-card accepting suppliers by Electronic Funds Transfer (EFT). This means suppliers don’t have to go through the time and expense of onboarding processes to receive card payments.
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.
The partnership will help Lloyds Bank offer an innovative market leading B2B payment solution to its clients, designed to simplify paying their suppliers, using its commercial cards.
“We’re delighted to be teaming up with Lloyds Bank to optimise B2B payments for even more businesses around the world,” says Andrew Watson, Global Head of Working Capital Solutions. “Our Invapay platform really does offer a win-win for all concerned: fast, friction-free payments to facilitate seamless, transparent business processes.”
“We are excited by the new capabilities we are now able to offer to our Commercial Banking customers. 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” says James Sykes, Head of Commercial Cards at Lloyds Bank. “I am pleased that we will be working with Optal and will be able to leverage their expertise in this expanding area of payments.”
Optal was established over 10 years ago. Its business initially involved providing ACH products for the travel and logistics industries in Australia. Searching for a business that had global potential, Optal launched one of the industry’s first virtual credit card payment products, utilising Mastercard Virtual Account Numbers (VANs) to make B2B payments.
