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Payments General

Lloyds Bank partners with Blue Motor Finance on instant payments API

Tuesday 9 July 2019 | 02:25 PM CET

Lloyds Bank has collaborated with Blue Motor Finance on a new API to deliver instant payments to individual motor traders and dealerships.

Blue Motor Finance was founded in 1992 and has since pivoted to fintech. It will now collaborate with the bank to create the ‘Faster Payments and Direct Debit API’ technology.

The two companies have a longstanding relationship and plan to build on this further, to bring instant payments to the car finance market.

Through the partnership, loans agreed between Blue Motor Finance and Lloyds Bank will be processed in real-time, meaning that its customers can receive funds within just a few minutes.

More: Link
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