Lloyds Bank Enters Partnership with Billhop on B2B Payments

Lloyds Bank has partnered with Billhop to utilise the firm's B2B payments solutions and streamline processes for its corporate clients across the UK.

Billhop says that the partnership will enable Lloyds Bank's clients to "overcome common card-payment barriers stemming from low card acceptance rates on the supplier side".

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Businesses will be able to pay all invoices using the bank's Commercial Card, including invoices from suppliers who do not accept card payments, allowing "faster" payments with no supplier onboarding required.

Billhop will act as a Bill Payment Service Provider (BPSP) for Lloyds Bank, performing compliance checks before debiting the client's card and electronically transferring funds to the supplier's bank account when due.

Founded in 2012, Billhop is a Swedish paytech firm based in Stockholm. It claims to be "on track" to process over €300 million in transactions this year.

(Source: Fintech Futures)