Lloyds launches Get Paid invoicing tool to help business customers manage payments and reduce admin

Lloyds is launching Get Paid, a new invoicing and payment collection tool designed to help business banking customers spend less time on administrative tasks and more time running their businesses. 

The solution will support businesses with their payments administration directly within the Lloyds app and online banking, at no additional cost and without requiring separate invoicing or accountancy software. The tool is powered through Lloyds’ strategic partnership with BankiFi.

Ruchir Rodrigues, BCB Client Strategy & Commercial Director at Lloyds, 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 cash flow and spend more time growing their business.”

Expanding the Lloyds-BankiFi partnership

BankiFi has already supported the launch of Lloyds’ Making Tax Digital for Income Tax functionality within the Lloyds Business Current Account earlier this year. The partnership now extends further to help business customers manage more financial administration within Lloyds’ app and online banking tools.

Get Paid, scheduled to launch later this year, will enable Lloyds business customers to create and send invoices, issue secure payment links, and track paid and outstanding requests through the Lloyds app and online banking. Customers can send invoices and use automated reminders to reduce the time spent following up on payments from their clients.

Mark Hartley, CEO at BankiFi, 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.”

Embedded accounting: Managing finances in one place

By integrating invoicing, payment requests, and payment tracking at no additional cost, businesses can manage more of their day-to-day finances in one place, reducing the need to switch between separate systems and records.

Lloyds refers to this approach as embedded accounting, allowing businesses to access tools beyond simple banking products without needing additional software. 

For BankiFi, this expanded partnership demonstrates the scale at which its technology can enable banks like Lloyds to offer customers more than traditional banking products, embedding wider financial workflows directly into the banking experience.

Addressing the late payment challenge

Late payments remain a significant challenge for smaller businesses in the UK. Government research found that 49% of small businesses reported that their business customers typically take longer to pay than agreed terms. 

The Office of the Small Business Commissioner estimates that 14,000 businesses close each year due to late payments, and UK businesses are owed approximately £26 billion in overdue payments at any given time—an average of £17,000 per business.

This partnership between Lloyds and BankiFi is a step toward simplifying financial administration for businesses by offering integrated tools that address real-world challenges such as late payments and cash flow management directly within the banking platform.