Lloyds TSB provides e-invoicing

Lloyds TSB is to offer its customers an online invoicing service, allowing companies to drastically reduce their billing costs.

Lloyds TSB is to offer its customers an online invoicing service, allowing companies to drastically reduce their billing costs.

Traditional paper-based invoices can cost between £5 and £20 to administer, yet online invoicing costs can be calculated in terms of pence not pounds, the high-street bank claimed.

The service, available via Lloyds' corporate banking Web site, allows customers to securely exchange, store and download invoices.

Customers are charged for the fee-based service largely by the number of transactions they make. The service has been trialled with several London councils.

A spokesman for the bank said e-invoices were quicker to produce and could boost a company's cashflow, if used on a large number of customers. "When a company sends out an invoice it can take three to four people to sign it off and it can take about 10 days to reach a supplier's desk."

The software is supplied by supply chain specialist Causeway Technologies.

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