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Xero and Yodlee

We’re delighted to announce Xero has entered into an agreement with US based Yodlee, Inc. – the world leader in online and mobile personal finance management (PFM) and payments solutions.

Yodlee’s Software Development Kit will be used to extend automated daily bank account feeds for Xero small business customers, increasing our customer account access to more than 11,000 financial institutions and account sources globally. 

As you know Xero already has automated daily bank feeds with the NAB, ANZ and Commonwealth Bank in Australia, all the major New Zealand banks and with HSBC in the UK. The agreement with Yodlee extends the availability of daily account feeds in Australia, the UK and other key regions such as North America.

“Extending the availability for our customers to access their financial information at thousands of additional financial institutions further reinforces Xero’s commitment to being the leading online accounting solution, says Xero CEO Rod Drury. We’ve chosen Yodlee based on their proven technology and industry practice as the prime channel to deliver bank data that is both scalable and secure.”

We’ll be making this fully integrated service available to Xero Business customers by mid 2010.

 

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69 comments

David Hillary
28 January 2010 #

Ok, come on guys, spill the details. How can you *possibly* get instant access to so many financial institutions’ data?

Tarch
28 January 2010 #

This is quite exciting for those of us in the States. I keep loving Xero more and more. I do hope mid 2010 comes earlier rather than later.

Michael Porter
28 January 2010 #

I do concur with David Hilary, I’m not sure its entirely clear the extent of the likely bank feed automation. Is it only for a portion of each banks customers? Or truly a potential multi-bank automation?

Varun
28 January 2010 #

They get it via Yodlee who basically provide Xero the backend systems to power the aggregation of all banking feeds. It’s exactly the same backend system that Mint.com used.

Here is a good article on it – http://www.techcrunch.com/2009/09/18/mint-is-yodlees-youtube/

Alastair Grigg
28 January 2010 #

To clarify how Yodlee based feeds will work – when we release this integrated feature our customers will be able to authorise a secure and automated Yodlee data aggregation service to access their bank accounts and retrieve statement data, which is then feed back into the bank account in Xero. The customer’s account credentials will only held securely on the Yodlee service and can only be updated or deleted by that customer.

The Yodlee data aggregation service can access the majority of accounts types offered by over 11,000 financial institutions and other account sources like loyalty accounts. However, the Yodlee based feeds will not replace the direct bank account feeds already available with the larger banks in NZ and Australian and the HSBC in the UK. We’ll be providing more details on the service closer to its release.

Richard Gunn
17 February 2010 #

I haven’t seen any news recently on adding more Australian banks to you direct feeds. I need St. George to come online with Xero. Are there any developments on this front ?

Catherine Walker
17 February 2010 #

@Richard We’ll be able to get feeds from them under our partnership with Yodlee due to be released later this year – sorry about the wait.
Regards,
Catherine

Jason Blumer, CPA
23 February 2010 #

Wow, as we add clients to Xero here in the states, we keep hearing this request. Can’t wait for it. Way to go Team Xero! You freakin’ rock.

Brad
24 February 2010 #

Will any Canadian banks be integrated into Xero this year?

Alastair Grigg
24 February 2010 #

@Brad The Yodlee service will enable feeds from around 30 Canadian banks at the time it is released. More details on this closer to the release date, but let us know if you have any specific bank you’d like to check will be covered.
rgds
Alastair

Brad
24 February 2010 #

Will banks like the Bank of Montreal be included in those 30 Canadian Banks?

Alastair Grigg
24 February 2010 #

Unfortunately Bank of Montreal transactional accounts aren’t covered under the Yodlee service at this stage. Will check to see if they are in the pipeline to be available any time soon.

Brad
24 February 2010 #

Is a list of banks that are covered under the Yodlee service available? This list would assist in comparing banks.

Alastair Grigg
25 February 2010 #

@Brad. Sorry, but we can’t provide a full bank listing until we have completed the software integration as some of the banks and/or account types available under the Yodlee SDK may not be suitable to bring into Xero. When the integration to Yodlee is released, our customers will be able check themselves which bank and account types are available. In the meantime, if you want to email me (alastair@xero.com) with a list of any other Canadian banks you are considering then we get back to you which of these we are confident will be available.
regards,
Alastair

Jennie
22 March 2010 #

Hey, will the Yodlee integration give us access to Westpac Bank here in Australia and when.
We’re Desperate.

Catherine Walker
23 March 2010 #

@Jennie – we’ll be able to get feeds from them under the Yodlee partnership – I’m sorry we don’t have a release date for this yet, it will be later this year, much integration work to be done.

Regards, Catherine

Matt
6 April 2010 #

Hi, just wondering whether the big UK banks will be included with the Yodlee update? Great that HSBC already works, as this is who we would recommend. However, our clients use Barclays, Co-op, Natwest & Lloyds as well… any of these coming online? Would be great to see better access to the UK banks direct in Xero!

Earl Rudolfo
7 April 2010 #

It would be a real benefit/value to get some Canadian banks into the mix. Why not start with HSBC? Automatic banks feeds would be a great motivator for more small businesses in Canada to use Xero. Also a huge competitive advantage for Xero moving into the SMB space here.

Alastair Grigg
7 April 2010 #

Hi Earl. When released, the Yodlee integration will provide feeds from around 30 Canadian banks including Royal Bank of Canada, CIBC and aslo Bank of Montral (who previously we have said was not covered). We are also discussing how we might extend our current direct feeds with the HSBC in the UK into other regions where HSBC operate, but nothing confirmed just yet.

XeroFan
9 April 2010 #

@alastair. Just to be clear, are credit card feeds also included in the Yodlee integration? I am currently receiving the bank feed, but need a feed for credit card too.

Alastair Grigg
9 April 2010 #

@XeroFan. The Yodlee integration will provide access to credit card accounts, in addition to transactional accounts, for many of the financial institutions available through Yodlee. However, where we already have direct banks feeds we won’t have those banks available as a data source through Yodlee. Rather we are working on extending these feeds to cover credit card accounts as well. Drop me an email (alastair@xero.com) with details on which bank you have your credit card with and I can get your more details on the availability of these card feeds. Rgds, Alastair

Harriet Jacobs
21 April 2010 #

Hi Alistair, be interested to know the answer to @Matt query i.e. whether the big UK banks will be included with the Yodlee update? Our clients use Royal Bank of Scotland, Barclays, and Standard Chartered.

Alastair Grigg
22 April 2010 #

Hi Harriet, Most major UK banks will be covered under the Yodlee based bank feed service. From the 3 you have listed, Royal Bank of Scotland and Barclays are available, but Standard Chartered is not currently. We will look into if Standard Chartered is planned any time soon. Rgds Alastair

Steffen
12 May 2010 #

Will Yodlee (and thus Xero) also be able to support PostFinance in Switzerland?

Adam P
12 May 2010 #

Please give me an idea of how long until Yodlee feeds are available

Alastair Grigg
12 May 2010 #

Hi Adam,
We’re looking to have trial customers on the service by July and all going well make it more widely available from August. We will be posting further updates nearer the time.
rgds
Alastair

Alastair Grigg
13 May 2010 #

Hi Steffen,
Currently Yodlee connects to only around a dozen banks in Spain and France and unfortunately not PostFinance in Switzerland. We will register your interest in adding this bank and if we get enough requests we can have Yodlee look to add a connection to this source.
Rgds
Alastair

Kim
14 May 2010 #

Hi Alastair. Are we able to register interest in being part of the Yodlee trials beginning in July? For Westpac Australia in particular. Cheers, Kim.

Aaron Nicholson
20 May 2010 #

I’m currently at Wells Fargo, but switching to local bank Gilmore Bank. Will Gilmore be offered? I assume Wells Fargo will…

Adam P
27 May 2010 #

Alastair,
Thank you for the reply. Can I please be apart of the trial as soon as possible? My two other partners are nudging us away from Xero towards QuickBooks Online, because they can’t wait any longer. Sincerely,

Adam

Alastair Grigg
28 May 2010 #

Hi Aaron.
Sorry for delayed response – Wells Fargo accounts will be available through Yodlee but not Gilmore Bank at this stage.
rgds
Alastair

Alastair Grigg
28 May 2010 #

Hi Kim,
Still finalising our trial plans for July. Will be in touch if this is going to involve Westpac Australia accounts.
Feel free to contact me (alastair@xero.com) if you have any other questions.
Thanks
Alastair

Tim
31 May 2010 #

Any chance that Santander in the UK will be supported soon?

Alastair Grigg
31 May 2010 #

Tim, yes Santander account feeds will be available through the Yodlee service once we roll this out in the next few months. We will post a further update on the timing of the Yodlee release later in June.

Wayne
31 May 2010 #

Just to clarify about Yodlee vs existing bank feeds, is Yodlee only unavailable for existing account feeds from banks, or does it exclude the bank as a whole from Yodlee if they offer a limited bank feed? e.g I am with the NAB in Australia, and I can get account feeds, but I cant get credit cards. Will Yodlee allow me to “fill the gap” and access the credit card feeds, or is it the case that because the NAB offer feeds, though only limited, they will be excluded from Yodlee, and we will have to wait for the NAB to offer more?

Trevor Sokira
1 June 2010 #

Another Canadian user here! Wow! First I have to say, what an amazing system. Thank you! Quick question, is CIBC (Canadian Imperial Bank of Commerce) on that list for automatic account feeds from Yodlee?

Alastair Grigg
1 June 2010 #

Hi Trevor, pleased you are enjoying Xero. Yes, CIBC accounts will be available through the Yodlee service when this is released.

tj
10 June 2010 #

I have to say… we’re not able to wait any longer and are forced to get Quickbooks… blah… ( fugly nasty yuk.. sorry I had to say it.. I can’t stand it. )

Please try to get your system running soon for USA ( Bank of America? )… please also try to get some integration with payroll systems in the states. ADP? or like QuickBooks has… we need to be able to take care of the tax payments automatically so we are always in line.

Please go fast as you can!! I realllllly want to be able to use your system along with our Freshbooks system!!

Jackson
10 June 2010 #

fugly indeed =]

Jon
23 June 2010 #

Will the following USA banks be available?:
1. Signature Bank of New York
2. Vanguard

Catherine Walker
23 June 2010 #

Hi Jon,
Both Signature and Vanguard are currently offered as part of the Yodlee service we’ll get but information for individual States is unlikely to be available until we hook up the connection – hopefully this means your New York branch!
Regards, Catherine

Lou
15 July 2010 #

Is TD Canada Trust on the list of Canadian banks that will work with the Yodlee integration?

Alastair Grigg
16 July 2010 #

Hi Lou,
Yes, TD Canada Trust accounts will be available through our integration with Yodlee.
Alastair

Jason
17 July 2010 #

Any chance of this coming to the “Personal” version? Auto bank downloads is the only thing keeping me from signing up for the service. Thanks.

Alastair Grigg
19 July 2010 #

Hi Jason,
Our first goal is to release the Yodlee integration with the Xero business app. Once complete we will certainly be looking at the option of extending this integration into Xero Personal. No firm plans or timeline yet sorry, but we will be providing more updates over the coming months.

Michael
5 August 2010 #

I signed up for the trial assuming the bank feeds were already in place (United States banks). I am now realizing that is not the case. That was a waist of my time.

Alastair Grigg
6 August 2010 #

Hi Michael, sorry for any confusion on this timing of this, but we expect to have Yodlee integration with US banks released during Q4 of this year. Your trial organisation will remain available for 180 days from the date you added it. You can start using Xero in advance of the Yodlee integration being released by manually importing bank statements if these are available for download from your bank.

Frank Smith
6 August 2010 #

Will there be support for ING Direct Orange for Business accounts? I have been waiting for your product to come State side (support US bank feeds) since I first heard of Xero in 2007. Very excited! Hurry up Q4.

Alastair Grigg
7 August 2010 #

Hi Frank. ING Direct accounts are available through the Yodlee service. However, it appears these accounts require multi-factor (two factor) authentication for online banking access, which unfortunately we won’t be supporting in our initial release. We are planning to extend the Yodlee integration to support for accounts with multi-factor authentication early in 2011. Sorry for the further delay this will cause for you.

Anonymous
8 August 2010 #

Will any of the following banks in USA be supported – Fifth Third Bank, USBank, Huntington?

Michael S
3 September 2010 #

How about TD Bank, Chase or HSBC in the US? Thanks!!!

Jason
24 September 2010 #

What is the latest on this integration? Would love to get my Canadian TD accounts in sync. Any better timeframe available??

Jason
11 November 2010 #

Helllooooooo?? Would love to hear as per above….

Alastair Grigg
11 November 2010 #

Hi Jason,
Sorry, for some reason we didn’t get an alert from your earlier comment made on this blog post. TD Bank (Canada) requires multi-factor authentication (MFA) for Internet Banking. So unfortunately these accounts won’t be available through Yodlee until we release support for MFA, which is still planed for sometime in Q1 2011. Prior to that we will be continuing to extend the availability of automated feeds for UK, US and Canadian banks that don’t require MFA – more updates on these dates very shortly.

EB
1 February 2011 #

Hi, any update on TD Canada Trust integration? Waiting patiently for this.

Jon
3 February 2011 #

I can’t get the feed for Vanguard (www.vanguar.com) to activate. I can log onto my account at the Vanguard page.It’s my understanding that Mint.Com uses Yodlee and I have the Vanguard feed working well in Mint. Why can’t I get my Vanguard account to activate in Xero?

Alastair Grigg
3 February 2011 #

@Jon, Thanks for your feedback and email to Xero support. We have investigated and can’t see any issues with connecting to Vanguard Bank from our side, but have asked Yodlee to also look into this. We’ll update you via email as soon as we know more.

Jon
4 February 2011 #

Many many thanks Al. Just to be clear, I am using the Vanguard bank that is at http://www.vanguard.com. This is a very large and well known financial institution in the US.

Dave Bell
25 February 2011 #

Seems to be alot of confusion here with what UK banks are supported.

Live feeds have enough benefits to warrant a change of bank and so before we move from Barclays, can anyone tell me if there are any other BUSINESS accounts in the UK with any other bank (apart from the HSBC direct feed) that is supported?

After speaking with Xero support and checking banks in the Xero admin, it seems to be that only personal accounts are supported.

Reason being, all UK Business accounts from every bank require some form of token or card reader authentication – which makes the live feed impossible.

Can anyone tell me otherwise or report a bank I can move to?

bryce
16 March 2011 #

Any ETA on canadian banks? Though this was promised for mid 2010, it doesn’t seem that it’s actually been rolled out for the promised 30-major canadian banks. Royal Bank was mentioned above and is still not working…

Any info would be greatly appreciated.

Alastair Grigg
16 March 2011 #

@bryce Because of the large number of banks and account types involved and more been added all the time we don’t publish a bank list. The quickest way to check is to login to Xero and add a bank account for the bank(s) you are interested in to see if feeds are available. Bank of Queensland and Suncorp (Everyday Banking) bank accounts are both available.

@Niki There are 7 more major Canadian banks, including Royal Bank (RBC Financial Group), to be added once we release support for these and other banks globally that require Multi Factor Authentication (MFA) to access their Internet Banking sites. Sorry for the delays with this, the last phase of the Yodlee integration project, but we’re now looking to release MFA support in May.

Pierre
17 March 2011 #

Do you have news about the Swiss Postfinance integration? I’m interested in testing Xero but without this integration it will be a big effort :-)

Alastair Grigg
18 March 2011 #

Hi Pierre, Yodlee doesn’t provide feeds for Swiss PostFinance accounts and we are not aware of any plans for this to be added yet. Unfortunately we do not have enough customers with Swiss PostFinance accounts to raise the priority of this with Yodlee, but we’ll continue to track the demand for feeds from this and other major European financial institutions.

Agustin M.
7 April 2011 #

Alastair,

I think you are underestimating the interest with Swiss Post Finance bank feeds.

Our group has three different companies that would depend on Swiss PostFinance.
Not to mention clients of ours that need a book keeping solution but don’t use it because of the lack of Swiss bank feeds.

I understand that the demand looks low but I can assure you that the demand will increase. (We have 3 requests above and another 3 with us.)

The only problem is where the data is physically stored. Swiss companies and Swiss financial institutions would prefer not to ship the data around the world and particularly to the US.

Perhaps hosting the servers in a secure jurisdiction like Switzerland would actually enhance the value proposition of Xero as well.

But despite that point, I think you may want to reconsider the lack of priority on this task.

Regards,
Agustin

Alastair Grigg
8 April 2011 #

Hi Agustin, Thanks for the further feedback and great to see the interest you and others in Switzerland have in Xero. Unfortunately the priority given to establishing new bank feeds sources sits with Yodlee based on the demand they are seeing from across all their customers, but we will certainly pass on the interest in Swiss Post Finance being added their service. Regarding data storage location, the US provides an ideal location from which to host a global service and spread any network latency as evenly as possible between all customers. We are very mindful of data security concerns but are confident that we met or exceed all the requirements for data privacy and protection whilst maintaining an optimal solution from a technical hosting and operational perspective.

Agustin M.
14 April 2011 #

Thanks for your comments.

There are disruptive policies in this regard as to where data can be stored as far as I know. I think placing banking data access channels with a US based company means that you are subject to Patriot Act rules which means that despite any “legal firewalls” the US government in all their brilliant glory, has rights over all the data.

That is one key reason that banks from other nations should be wary of hooking up to yodlee. It is likely why PostFinance and other Swiss institutions are not allowed to use services like that.

As a point of reference, it is my acute understanding that the IT networks in Switzerland are much more efficient than you might assume.
And for sensitive data that Xero customers like yours are storing, a jurisdiction like Switzerland would be a better, easier to operate from.

You might consider talking to your legal team about this too.

We have lots of customers that have realized this and have started to move their system to Switzerland because they have a clear policy on data security and privacy.

Anyway… despite all that, we love your product and use it with smiles.

-am

Alastair Grigg
16 April 2011 #

Hi Agustin, we don’t doubt the quality of Internet connectivity in Switzerland. However, hosting in the US represents the most central point in our worldwide customer base, especially from a global Internet traffic routing perspective, so any network latency is more evenly spread across all customers.

Yes, hosting Xero from the US does mean that customer data would have to be made available under the US Patriot Act if that business was suspected of supporting terrorism in any way. If a business has concerns about its activities from this perspective then we expect that they would choose not to use Xero and nor would we want them to!

Some countries also have regulations about where banks can store and process banking data and these may restrict their ability implement Yodlee base services for their own online offerings. But these banking regulations don’t extend to the bank’s customers or to other service providers like Xero and our accounting partners.

We’ve discussed establishing feeds from Swiss Post Finance with Yodlee, but unfortunately we don’t collectively have enough customers to make this a viable yet. We’re pleased you’re enjoying using Xero yourselves and keep spreading the good word as we’d love to have the scale of customers in Switzerland to add bank feeds there.

Sam Johnstone
24 January 2012 #

Please add support for ING Direct Australian accounts.

sysret
23 January 2013 #

Hi Steffen and Xero

We are also interested in having support for any Swiss based bank.
We are currently evaluating and also analyzing if there is a way we can build a customized solution for that.

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