Lloyds is launching the Lloyds Get Paid invoicing tool for business banking customers, offering invoice creation, payment tracking and automated reminders at no additional cost, built directly into the Lloyds app and online banking. The bank says the product, developed in partnership with BankiFi, is designed to reduce the time small businesses spend chasing payments.
What Lloyds Get Paid actually does
The tool, due to launch later this year, will allow business customers to create and send invoices, issue secure payment links, and track which payments have been settled and which remain outstanding, all within existing Lloyds banking interfaces. Automated reminders can be sent to customers who have not paid, removing the need for manual follow-up.
The bank says the service comes at no additional cost and does not require businesses to purchase separate invoicing or accountancy software. Lloyds describes the underlying approach as embedded accounting: the idea that financial workflows beyond simple banking products can sit inside the banking interface itself, rather than requiring businesses to move between separate systems.
Ruchir Rodrigues, BCB client strategy and 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 cashflow and spend more time growing their business.’
The late payment figures behind the pitch
The context for the product is a well-documented problem. 49% of small businesses report that their customers typically take longer to pay than agreed terms, according to UK Government research cited in the announcement. The Office of the Small Business Commissioner estimates that 14,000 businesses close each year because of late payments, and that UK businesses are owed around £26 billion in overdue payments at any given time, an average of £17,000 per business.
Mark Hartley, chief executive officer of 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.’
BankiFi’s existing role: Making Tax Digital
Get Paid is not the first product to emerge from the Lloyds-BankiFi partnership. Earlier this year, BankiFi supported the launch of Making Tax Digital for Income Tax functionality within the Lloyds Business Current Account. That tool carries HMRC-recognised status, according to The Paypers.
The timing matters. New Making Tax Digital for Income Tax regulations came into effect on 6 April 2026, requiring sole traders and landlords to keep digital records and submit quarterly reports to HMRC, a change that expanded the compliance burden for many small business customers. Offering an HMRC-recognised tool inside the existing banking app positions the MTD functionality as a direct response to that regulatory shift, and Get Paid as a natural extension of the same logic.
For BankiFi, the expanded scope of the partnership is framed as a proof of concept for what its technology can deliver at scale. The company says the Lloyds relationship demonstrates how banks can move beyond individual products and embed wider financial workflows into the banking experience, becoming more relevant to the day-to-day operations of small businesses rather than simply holding their deposits.
Whether the embedded accounting approach will meaningfully reduce late payments for Lloyds customers is an empirical question the bank has not yet answered. Get Paid’s automated reminders address one part of the problem: the friction of following up. The harder question, whether the underlying payment behaviour of business customers changes when a tool makes chasing easier, remains open. The product’s launch later this year will at least provide some data.
