When Lloyds Bank introduced its Confirmation of Payee digital solution, which checks payee details in real time using an API between the University and Lloyds Bank systems, it was a perfect fit. “It allows the University’s finance team to complete instant checks on beneficiary bank details to ensure they are paying who they intend to, adding another defence in the fight against fraud and scams,” explains Hayden Kaya, Cash Management & Payments Director at Lloyds Bank.
“Crucially, checks are integrated directly into existing workflows rather than taking place on the online banking channel.”
“This saves time and improves efficiency, and means that all processes and data remain wholly within the University’s environment. Our continued investment in our Cash Management & Payment solutions, and especially in our API suite, has helped the University of Salford to digitise and transform their processes.”