Lloyds Partners with BankiFi to Launch Embedded Invoicing Service

Lloyds, part of Lloyds Banking Group, partnered with BankiFi to launch a free Making Tax Digital tool for UK small businesses. The embedded solution helps sole traders and landlords comply with MTD for Income Tax requirements directly within the Lloyds Business Account. Powered by BankiFi's technology platform, the tool is available exclusively to Lloyds Business customers at no cost.

Users can keep digital records, submit quarterly updates to HMRC, access estimated tax views and complete end-of-year filing through the Lloyds banking app. Financial terms of the partnership were not disclosed. Ruchir Rodrigues, BCB Client Strategy & Commercial Director at Lloyds, said the tool lets customers manage tax administration within their banking app without needing a separate accounting subscription.

BankiFi CEO Mark Hartley said the platform enables Lloyds to introduce functionality customers want while building a foundation for evolving its proposition.