Lloyds Bank Partners with Stripe to Launch Lloyds Accept for UK SMEs
Lloyds partnered with Stripe to launch Lloyds Accept, a suite of payment tools for small businesses built on Stripe's global payments infrastructure. The product is integrated into Lloyds and Bank of Scotland Business Accounts, with sign-up times typically within minutes. Lloyds Accept is powered by Stripe Connect.
Tools include Tap to Pay on iPhone and Android, payment links and modern terminal devices for in-person payments. Tap to Pay lets merchants accept contactless payments using only a smartphone and the Lloyds Accept app. Amanda Murphy, CEO of Lloyds Business & Commercial Banking, said the tools enable businesses to get set up and start trading instantly.
Eileen O'Mara, Chief Revenue Officer at Stripe, said the collaboration brings Stripe's infrastructure to UK small businesses.
- Major UK bank choosing to embed fintech rails rather than build in-house validates the embedded finance model at scale
- Sets a precedent for other traditional banks to partner with global fintechs for SME-facing payment products