High street bank Lloyds and Intuit Inc, the owner of accounting software QuickBooks, have announced a new bank feed agreement that will enable UK QuickBooks customers to import transactions from their Lloyds bank accounts.
It is hoped the bank feed agreement will save time for small business owners and accountants, reducing data entry errors by automatically and securely transferring financial information.
Existing subscribers to QuickBooks, of which there are roughly 100,000 in the UK, will not be charged for connecting Lloyds accounts with the bank feed service.
Commenting on the agreement with Lloyds, vice president and managing director of Intuit in Europe, Dominic Allon, said that it “builds on Intuit’s track record of innovating to ensure that consumers and small businesses have complete confidence in their financial data”.
Because they automate most of the time-consuming data entry that was once associated with company bookkeeping, bank feeds are seen increasingly as a fundamental component of financial management software and cloud accounting.
Through a global initiative to ensure QuickBooks customers gain access to financial data through whichever platform or technology they choose, Intuit intends to offer bank feeds with three of the main UK retail banks (including Lloyds), covering 60 per cent of the UK high street banking market. Apart from Lloyds, the names of the other banks Intuit have agreed to partner with have not yet been announced.
“We are thrilled to reach this agreement with this top tier financial institution so that millions of customers can benefit from access to the financial data and take more control of their financial lives,” added Allon.
“We encourage more financial institutions and technology companies to work together to achieve this same goal.”
An announcement from Quickbooks has simply stated that the integration with Lloyds Bank will be available “soon”.
Lloyds scraps up-front arrangement fees on small business loans
Sign up to our newsletter to get the latest from Business Advice.