The D+H solution, which is being white labeled by the bank, will enhance the suite of payment solutions available to its UK clients.
As an integral part of its strategic investment in digital services to meet more of their clients’ needs and build stronger client relationships, Lloyds Banking Group sought to provide new payment services to enhance clients’ payables and receivables processes.
The bank will initially offer the D+H-powered Bacs capabilities to small- and medium-sized enterprises and mid-market clients, but the solution can scale easily to meet the needs of any global transaction banking/large corporate bank client.
The solution will provide the bank’s clients with direct debit and direct credit connectivity, automated retrieval of Bacs messages, a full service direct debit management suite, integration with clients’ ERP systems, and ease-of-use with minimal training required, among other features.
Lloyds Banking Group selected D+H’s Bacs payment service because it met all of the bank’s requirements including quick time-to-market, resiliency, and proven disaster recovery and business continuity capabilities. The solution will broaden and deepen already strong client relationships and unlock opportunities that could not previously be pursued.
D+H business unit head Dyfan Williams said: “There is increasing demand for businesses of all sizes to focus on driving down costs by reducing or eliminating manual processing and increasing cash flow.
“By providing a Bacs payment service, Lloyds Banking Group is enabling its clients to minimize manual work, reduce costs, and eliminate errors. This level of control and flexibility enables buyers and suppliers alike to take advantage of preferred payment terms, further increase the positive impact on cash flow, and develop strong working relationships.”
