Lloyds, a UK high street bank, is preparing to introduce Get Paid, an invoicing and payment collection service built with its strategic partner BankiFi that aims to reduce the administrative burden on business banking customers.
Scheduled to go live later this year, Get Paid will let Lloyds business clients produce and dispatch invoices, share secure links for payment, and monitor which requests have been settled and which remain outstanding, all from the Lloyds app and online banking platform. Users will also be able to set up automatic reminders, cutting down on the effort needed to chase customers for money owed. The feature comes at no extra charge, meaning businesses will not have to buy standalone invoicing or accounting software.
By combining invoicing, payment requests and payment monitoring in a single location, the bank hopes firms will be able to handle more of their everyday finances without switching between different systems and records. Lloyds describes this model as embedded accounting, an approach that extends its offering beyond conventional banking products and removes the need for extra software.
The launch builds on earlier collaboration between the two firms. BankiFi previously helped Lloyds introduce Making Tax Digital for Income Tax functionality within the Lloyds Business Current Account earlier this year, and is now extending its support to cover a wider range of financial admin tasks within the bank’s digital channels.
Lloyds BCB client strategy & commercial director Ruchir Rodrigues said, “Businesses shouldn’t have to pay extra for the tools they need to get paid. By building invoicing and payment collection directly into the Lloyds banking experience at no additional cost, we’re making it easier for customers to manage cashflow and spend more time growing their business.”
BankiFi CEO Mark Hartley said, “Our partnership with Lloyds demonstrates how banks can use embedded capabilities to become a more central part of how businesses operate, while giving customers the connected experience they increasingly expect.
“Invoicing, getting paid and tax administration may not traditionally have been considered banking services, but they are fundamental financial workflows for businesses. By bringing these capabilities into the banking experience, banks can move beyond individual products and become more relevant to the way businesses operate.”
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