Source: Making Waves PR
Lolly, the UK-based hospitality technology specialist, has collaborated with Lloyds to develop an innovative Pay by Bank system, which will be showcased at the upcoming Open Banking Expo.
The new concept enables customers to make direct, secure bank-to-bank payments from a self-service kiosk, removing the need for card transactions and delivering instant payment settlement for businesses. It represents one of the first applications of Pay by Bank within a self-service hospitality environment, combining speed, security, and convenience for users.
Developed in collaboration with Lloyds and the leading hospitality business CH&CO, the system allows users to select ‘Pay by Bank’ at checkout, scan a QR code, and complete payment seamlessly through their mobile banking app. Funds are transferred directly to the retailer’s account in real time, offering faster transactions and reduced processing fees compared to traditional payment methods.
The new payment concept will be demonstrated on the Lloyds stand at Open Banking Expo UK & Europe, where it has been nominated for the ‘Best Open Banking Payments Project – Consumer’ award in recognition of the system’s innovation and customer benefit. Attendees will be able to experience the system in action via a live demo.
Commenting on the collaboration, Peter Moore, chief executive officer at Lolly, said: “This solution showcases the power of Open Banking to simplify payments, enhance security, and deliver real value to merchants.
“Working alongside our partner CH&CO and Lloyds, we’ve created an innovative new solution that demonstrates what’s possible when technology and financial services come together. We’re proud to see it recognised at the Open Banking Expo and Awards and look forward to exploring how Pay by Bank can evolve across the wider hospitality and retail landscape.”
Initially trialled within Lloyds’ head office, the system provides immediate payment visibility and reconciliation for merchants, while giving customers a fast, intuitive way to pay.
Mark Prayel, product & platform embedded payments at Lloyds added: “At Lloyds, we’re always on the lookout for innovative ways to make life easier for our clients and customers. This collaboration with agile partners like Lolly and CH&Co is a great example.
“We’ve had a lot of fun trialling Pay by Bank in our own head office cafeteria with colleagues, and we’re looking forward to seeing how this innovation evolves across the wider hospitality and retail space.”
Find out more about Open Banking Expo UK & Europe, taking place on 21-22 October at the Business Design Centre in London, and register to attend here.
