Europe’s fastest growing company, Blue Motor Finance, today announces a new collaboration with Lloyds Bank Commercial Banking API Lab

The companies are partnering on an innovative Faster Payments and Direct Debit API to ensure individual motor traders and dealerships receive instant loan payments.

The new programme brings together Europe’s fastest growing FinTech start-up and one of the UK’s largest banks. The two companies have a longstanding relationship and plan to build on this further, to bring instant payments to the car finance market for the first time.

Through the partnership, loans agreed between Blue and Lloyds Bank will now be processed in real-time, meaning that Blue’s customers can receive funds within just a few minutes.

Blue Motor Finance CTO, Charlie Barker said:

The instant payments system is a landmark moment for Blue Motor Finance and for the entire car finance industry. For the first time, it will mean that our customers will be able to make critical investment decisions, including at a vehicle auction, for example, with the knowledge that they’ll receive cleared funds in their account, potentially within two minutes. Lloyds has been a fantastic partner and we’re looking forward to bringing this product to the market.

Steve Everett, MD, Payments and Cash Management, Lloyds Bank Commercial Banking said:

Press Release: Lloyds Bank collaborates with Blue Motor Finance to develop instant paymentsSevenoaks, 9th July - Europe’s fastest growing company, Blue Motor Finance, today announces a new collaboration with Lloyds Bank Commercial Banking API LabThe companies are partnering on an innovative Faster Payments and Direct Debit API to ensure individual motor traders and dealerships receive instant loan payments.The new programme brings together Europe’s fastest growing FinTech start-up and one of the UK’s largest banks. The two companies have a longstanding relationship and plan to build on this further, to bring instant payments to the car finance market for the first time.Through the partnership, loans agreed between Blue and Lloyds Bank will now be processed in real-time, meaning that Blue’s customers can receive funds within just a few minutes.Blue Motor Finance CTO, Charlie Barker said:The instant payments system is a landmark moment for Blue Motor Finance and for the entire car finance industry. For the first time, it will mean that our customers will be able to make critical investment decisions, including at a vehicle auction, for example, with the knowledge that they’ll receive cleared funds in their account, potentially within two minutes. Lloyds has been a fantastic partner and we’re looking forward to bringing this product to the market.Steve Everett, MD, Payments and Cash Management, Lloyds Bank Commercial Banking said.