Lloyds Bank picks Optal for smooth B2B payments
Optal, a firm focused on B2B transactions, has signed a new deal with Lloyds Bank which will enable it to offer new services to its commercial banking clients.
Optal’s innovative Invapay solution will allow customers and their suppliers to benefit from transparent and streamlined payments. The service aims to strip away the traditional barriers associated with suppliers having to accept card payments.
“This offers a great opportunity to simplify the 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.
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.