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Saturday, September 23, 2017

Fintech

Lloyds introduces service to assist businesses with bookkeeping

Jordan Williams | 7:10 Wednesday 13th September 2017

Lloyds Bank Commercial Banking has launched its new direct bank feed service to help clients with their daily accounting processes

The service sends current account transaction information safely and securely to a participating accounting software provider so businesses don’t have to manually input their bank statements.

Previously, businesses would have to manually upload files from their online banking system and, in some cases, use unauthorised third-party software with inherent security risks.

Steve Everett, head of product and propositions, global transaction banking at Lloyds Bank Commercial Banking, said: “Our clients have told us that daily accounting tasks can take up significant amounts of time, which could be better spent on their business.

“Our new service will help clients to reduce the time spent on manual data entry, offering businesses the ability to automate their daily input process and support the simplification of their operational processes and focus their efforts on targeting growth.”

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