B2B payments vendor Optal has signed a deal with Lloyds Bank that will enable bank to offer additional services to its Commercial Banking clients through Optal’s Invapay solution.
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 that suppliers do not have to go through onboarding processes to receive card payments.
Lloyds Bank Commercial Banking clients will be able to use the payments system offer earlier payment to suppliers, which should in turn bolster these relationships.