Lloyds Bank Commercial Banking has today announced a new service that will help to simplify clients’ daily accounting processes and save them time so they can concentrate on growth.
The Lloyds Bank Direct Bank Feed sends current account transaction information safely and securely to a participating accounting software provider – eliminating the need for businesses to manually input their bank statements and reduce the time spent reconciling accounts.
Previously businesses would work through the manual process of uploading a file from their online banking system, or in some cases use unauthorised third party software with the inherent security risks that it brings.
Now, Lloyds Bank’s commercial clients, business customers and their accountants can automate their reconciliation process, increasing accuracy and reducing time spent on these tasks.
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 in 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.”