Lloyds Banking Group PLC (LSE:LLOY) has extended its work with Satago Financial Solutions as part of a pilot scheme for its commercial banking arm.
Additional functionality from Satago is being evaluated by the FTSE 100 lender “as part of a broader remit” within its commercial banking offering, according to Satago parent Trufin PLC.
READ: Lloyds Banking's new boss eyes growth drive built around property, wealth
Last December, Lloyds kicked off a pilot of an invoice financing platform from Satago, where it was stated that a five-year commercial contract could follow.
As part of the pilot, Lloyds planned to offer financing to its customer base utilising Satago's digital cashflow management and invoice financing platform, with Satago paid a recurring fee for each customer that uses the technology.
Lloyds said these services will “help deliver critical funding and digital tools to small businesses in the UK to help them navigate the challenging external environment”.
Today, TruFin said Satago has now completed its integration with Lloyds’ Business Finance Assistant accounting software solution for business banking customers.
This integration will broaden the digitised functionality offered to the Bank's Business Banking customers, providing seamless access to working capital.
This comes as Lloyds’ new chief executive, Charlie Nunn, was recently reported to be planning to drive a new phase of growth based on an expansion of the commercial banking and other businesses such as wealth management and property services.