Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Blue Motor Finance has announced a new collaboration with Lloyds Bank Commercial Banking API Lab to provide individual motor traders and dealerships with instant loan payments.
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: “At the Lloyds Bank Commercial Banking API Lab we’re committed to bringing the full potential of digital to the forefront of financial services.
“We’re excited to partner with Blue Motor Finance to bring this innovative instant payments service to its motor trader customers, and create real value for businesses in the car financing industry through new API-enabled solutions.”