Lloyds Bank has launched a new service to help businesses manage their bookkeeping without manual intervention.

Called Lloyds Bank Direct Bank Feed it allows clients to receive their statement information directly into their accounting software – “eliminating the need for businesses to manually input their bank statements and reduce the time spent reconciling accounts”.

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

Lloyds says 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”.

The bank says businesses interested in registering for this service should contact their accountancy software provider for more information.

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Deadline for submitting the nominations has been extended to 8 September 2017.