Intuit Ltd, a fully owned subsidiary of Intuit Inc (Nasdaq: INTU), and Lloyds Bank (LSE: LLOY), announced today that its direct bank feed is now live. Now, QuickBooks customers in the UK can automatically and securely import transactions from their Lloyds Bank account directly, and at no extra charge, to QuickBooks.
Through a global initiative to save businesses time and give them complete confidence in their financial management, Intuit now has direct bank feeds with three out of the top four retail banks in the UK, covering more than 60 percent of the UK market.
Direct bank feeds are a fundamental component of financial management software and cloud accounting because they automate much of the time-consuming data entry once associated with bookkeeping. By automatically transferring data between their bank and their financial management platform, QuickBooks customers save valuable time and avoid potential data-entry errors.
“Our direct bank feed with Lloyds Bank is now live, giving small businesses and accountants better access to financial data that is key to making smarter financial decisions. We’re delighted to be working with Lloyds to give our mutual customers complete confidence in their financial lives, and achieve a more open and innovative financial data-sharing ecosystem,” says Dominic Allon, Vice President and Managing Director of Intuit Europe.
The direct feed is now fully available to all customers of Lloyds Bank.