Customer story

Lloyds Bank collaborates with Finastra to drive payments transformation and deliver an enhanced banking experience

Customer Experience
Customer Insight
Digital Transformation
Efficiency & Operations
Fintech
Innovation
Regulatory Change
About the Company
Established in 1765
Industry: Financial services
500+ high street and mobile branches
One of the UK's leading retail and commercial banks
www.lloydsbank.com
Lloyds Bank, anticipating shifts in the financial landscape, upgraded its payments infrastructure to keep pace with the changing global financial landscape.

The financial landscape is constantly evolving with frequent changes in technology, regulatory guidelines, and customer banking preferences. For financial institutions, it is important to invest in updating payments technology to continue supporting growing business volumes and sustain market position.

With the rise in API-driven and open banking solutions, both retail and corporate customers expect the same levels of convenience, accessibility, and reliability for their daily banking services. Anticipating this shift, Lloyds Bank proactively embarked on upgrading its payments infrastructure. Additionally, the aim was to scale their international payments business, attract further corporate business, and maximize the potential of the new ISO 20022 global financial messaging standard.

After careful evaluation, Lloyds Bank took a strategic decision to transition from their legacy systems and embrace a flexible and modernized payment solution offering increased agility, a “zero customization” approach to simplify upgrades, and unparalleled Straight Through Processing (STP) rates; all necessary to guarantee a stable and scalable high-value payments service and support future digital transformation initiatives. To achieve this complex transformation project, Lloyds Bank formed a collaborative partnership with Finastra based upon our global payment processing expertise and consistent delivery of mission-critical systems.

We chose Finastra as our core payment platform provider because they have a proven track record of delivering reliable, scalable, and open solutions. They helped us modernize our international payments platform, leading to improved STP rates and compliance with ISO 20022. The flexible nature of our collaboration allowed us to create compelling propositions for our clients. Finastra is more than just a technology provider, they are a trusted partner who brings us insights and innovations from other markets.

Steve Everett
MD, Cash Management and Payments at Lloyds Banking Group

By transitioning to a new, modern, and always available payments platform, Lloyds Bank fortified their already dominant position in the UK payments market, staying ahead of fintech disruption, and delivering a frictionless retail and corporate banking experience.

Achieved benefits:

  • Faster response time to market and regulatory changes
  • Higher STP rates to increase automation and deliver optimized customer service
  • Greater operational efficiency through a pre-certified and packaged payments processing solution; with the flexibility to add new rails as required

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