Lloyds Bank has announced the upcoming launch of ‘Get Paid’, an integrated invoicing and payment collection suite embedded directly within the Lloyds Bank mobile app and commercial online banking interface. Developed in strategic collaboration with fintech provider BankiFi, the tool equips business banking clients with native administrative capabilities at no extra subscription cost.
The release marks a continuing shift toward "embedded accounting," allowing small and medium-sized enterprises (SMEs) to create digital invoices, generate secure payment collection links, and track outstanding settlements without purchasing separate third-party accounting software.
Mitigating the UK SME Late Payment Crisis
Cash flow constraints caused by overdue accounts receivable represent an acute operational risk for UK commercial entities. Recent research by the UK Government highlights that 49% of small businesses report commercial customers regularly taking longer to settle than agreed invoice terms.
According to estimates from the Office of the Small Business Commissioner, approximately 14,000 businesses fail annually as a direct result of payment delays, with UK firms carrying an estimated £26 billion in overdue payments at any given time—equating to an average exposure of £17,000 per enterprise.
‘Get Paid’ targets this liquidity bottleneck through integrated workflow automation:
End-to-End Invoice Creation: Business owners can generate, format, and dispatch itemized invoices directly from their primary checking account portal.
Secure Payment Links: Invoices include embedded digital payment links, enabling buyers to execute fast payments through open banking and card rails.
Automated Collection Reminders: Pre-configured chasing workflows deliver automated settlement reminders to counterparties, cutting manual follow-up overhead.
Unified Balance Reconciliation: Paid invoices update account ledgers automatically, providing real-time visibility into working capital without data re-entry across disconnected systems.
Expanding the Embedded Accounting Architecture
The tool expands Lloyds’ ongoing technological partnership with BankiFi. Earlier in the year, the pair rolled out native support for HMRC's Making Tax Digital (MTD) for Income Tax within the Lloyds Business Current Account.
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"Businesses shouldn’t be forced to pay extra for essential tools simply to collect their own earned revenue," said Ruchir Rodrigues, BCB Client Strategy & Commercial Director at Lloyds. "By embedding invoicing and digital payment collection natively into the Lloyds banking portal at zero additional cost, we remove friction from cash flow management so founders can focus on scaling their business operations."
Mark Hartley, CEO at BankiFi, added: "Our expanded collaboration with Lloyds proves how commercial lenders can leverage embedded financial workflows to become indispensable operational partners for SMEs. Invoicing, receivables management, and automated tax reporting are fundamental business workflows. Integrating them directly into core digital banking transitions institutions beyond plain vanilla accounts toward a complete operating ecosystem."
Scheduled for wide commercial release later this year, ‘Get Paid’ will be made available across standard Lloyds business current accounts, delivering an accessible operational toolkit to hundreds of thousands of British enterprises.