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Sage partners with Lloyds to help UK businesses streamline their payments processing

Sage market leader in cloud accounting, payroll and payments solutions software today announced that Lloyds Bank is the latest in a line of banks to go live with Sage’s Bank Feeds service.

The bank feeds service benefits businesses by enabling the automation of large portions of manual transactional bookkeeping work with data flowing seamlessly from banks into accounting software – freeing up significant amounts of time as businesses drive to increase efficiency and productivity.

Banks signed up to Sage’s new service so far include Lloyds Bank, RBS, Nat West and Cashplus, with others due to join in the coming months.

Before the introduction of Sage Bank Feeds, businesses had to work through the manual process of either typing in bank transactions from a bank statement into their accounting software, which is time consuming and prone to mistakes, or upload a file manually from their online banking system.

Now, with this new system, customers can reduce time wasted on manual data entry and gain greater visibility and control over their cashflow, which helps them make more informed business decisions. Additionally, the data is secure and reliable and less prone to human error mistakes due to a reduction in manual entry.

Seamus Smith, EVP Payments and Banking, Sage, said: “Sage Bank Feeds is the first step towards unveiling our Payments & Banking vision to customers and accountants from around the world. Bank Feeds are delivered through a global platform that connects directly with banks and payments service providers to automate and transform the way they handle the payments they make and receive. This product is suited to all businesses looking for efficiency gains.”

Alan Laing, Managing Director, UK & Ireland, Sage, said: “Sage is here to serve the businesses who fuel the UK economy. By providing brilliant technology, our aim is to help them make admin invisible and save time that they can better spend on growing their business and being more profitable.

“Sage Bank Feeds is a great example of how we will do this as it’s been specifically designed to automate large portions of manual bookkeeping work. This helps business owners to be more agile and responsive to business needs.”