Lloyds Incorporates First Retailer For A2A Payments API – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/32EAv1w
The latest reports indicate that car dealership JCT600 has become the first retailer on record to utilize Lloyds’ new PayFrom Bank account-to-account payment product. This new product displaces plastic cards at the online checkout.
Unveiled in July 2021, PayFrom Bank integrates Mastercard’s Payment Gateway capabilities and its Open Banking Connect platform to provide a merchant A2A payment page that is known to cover nearly 95% of the United Kingdom bank accounts with Open Banking APIs.
This new functionality creates a portion of JCT600’s latest ‘Buy Online’ offer, enabling users to reserve, browse, and buy a car, entirely online and without needing to visit the dealership.
Notably, PayFrom Bank is designed to eliminate friction arising from the checkout process, offering the users a chance that does not need to register, write their card details, or share any sensitive personal data. Instead, the users can use their online banking service to make a payment, and the reference, purchase amount, and JCT600 account details are all filled in automatically.
The managing director of payables & receivables for Lloyds Bank, Steve Everett, stated:
“Lloyds Bank is delighted to support JCT600 with our PayFrom Bank online payment capability. We both recognize the importance of making the online buying experience as simple, secure, and hassle-free for customers as possible. PayFrom Bank is one of a suite of APIs we have developed to help create friction-free customer journeys and streamline business processes.”
Cryptocurrency
