Agreement with one of UK’s largest banks will help small businesses and accountants save time by automatically transferring financial information securely into QuickBooks
Intuit Inc (Nasdaq: INTU) and Lloyds Bank (LSE: LLOY) announced today an agreement which allows QuickBooks customers in the UK to automatically and securely import transactions from their Lloyds Bank accounts directly at no extra charge to QuickBooks subscribers.
Through a global initiative to ensure that QuickBooks customers gain access to financial data through whatever technology they choose, Intuit offers, through this agreement, 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.
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“This latest agreement builds on Intuit’s track record of innovating to ensure that consumers and small businesses have complete confidence in their financial data,” said Dominic Allon, vice president and managing director of Intuit Europe. “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. We encourage more financial institutions and technology companies to work together to achieve this same goal.”
The integration with Lloyds Bank is expected to be available soon. Until then, customers can continue using standard bank feeds, which connect them to nearly all UK banks and credit card providers through secure use of online banking credentials.