AJ Bell, one of the UK’s largest investment platforms, has become the first client in the Wealth Management sector to adopt Lloyds Bank’s FundBy Bank payments solution. Using this new payment solution will improve AJ Bell customers’ experience with quick, easy, and secure payments into their investment accounts.
The new process provides AJ Bell’s customers with an alternative to funding transactions through card payments, or by separately logging-on to an online banking portal. FundBy Bank can take advantage of biometric authentication; removing a requirement to enter personal details into the internet to initiate a payment. This provides a secure payment option for AJ Bell’s customers to fund investment accounts with a seamless transition to completion of the transaction.
Lloyds Bank’s FundBy Bank solution enables AJ Bell’s customers to select how much they wish to invest directly from the AJ Bell Youinvest app or website. The new streamlined process automatically redirects customers to their online bank account, where they can view their balance and authenticate the transaction. There is no additional registration or need to input payment details and, once approved, the funds are transferred via Faster Payments and are available almost instantly.
Lloyds Bank FundBy Bank, which was developed together with technology provider Bottomline, is a cost-effective, client payment solution to help businesses improve customer experiences, accelerate receipt of funds, and simplify reconciliation.
Ross Bacchus, Payment Sales Lloyds Bank Commercial Banking, said: “By providing a quick, simple, integrated user-journey, FundBy Bank greatly improves the end-customer experience for clients, like AJ Bell, and is just one example of how our suite of APIs are making a real difference by helping to streamline payment processes.
“Leveraging Open Banking, through Lloyds Bank FundBy Bank, gives AJ Bell greater flexibility through enhanced payment initiation across their product range. This is an innovative solution that builds on our longstanding support for AJ Bell and its drive to improve its online customer experience.”
Tim Huckle, AJ Bell Director of Strategy, says: “Our mission at AJ Bell is to make investing simple, straightforward, and easy to access for our customers. With that aim in mind, we are constantly exploring new ways to improve the customer experience for people using our website and app to invest. Implementing the FundBy system will allow customers to top-up their ISAs and investment accounts securely from their bank account in just a few clicks.”