UK-based Lolly, a provider of hospitality technology, has partnered with Lloyds to launch a Pay by Bank system, showcased at the Open Banking Expo.

This rollout allows customers to make direct and secure bank-to-bank transfers from self-service kiosks, removing the need for card transactions and offering instant payment settlement for businesses. The solution enhances Pay by Bank applications in a self-service hospitality setting, boosting security, speed, and convenience for patrons.

Direct bank-to-bank payments on self-service kiosks

Lolly is a hospitality technology provider offering POS, payment, and smart data tech tailored to the industry. Its goal is to create accessible, simple, and convenient solutions through cloud-based systems that simplify the point of sale for both businesses and consumers.

In collaboration with Lloyds and CH&CO, another hospitality-focused firm, the system lets users choose Pay by Bank at checkout, scan a QR code, and complete payment using their mobile banking app. The funds are directly transferred to the retailer’s account in real time, streamlining transactions and reducing processing fees.

This system will be demonstrated initially on Lloyds’ stand during the expo, with attendees witnessing it through live demonstrations. Through this partnership, Lolly aims to highlight how Open Banking can simplify payments, enhance security, and add more value for merchants. By working together, these companies have developed a unified solution combining technology and financial services.

The initial trial within Lloyds’ head office has provided immediate payment visibility and reconciliation for businesses. For users, this translates into fast and user-friendly transactions. Lloyds is dedicated to exploring further initiatives that make life easier for its customers and clients.