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Yodlee bank feed update

Many of you know we’ve been working with online banking solution provider Yodlee Inc to provide automated banks feeds from more banks for Xero Business customers in Australia and around the world.

The Yodlee integration project is making good progress, but it must be said it is certainly one of the more complex developments that we have undertaken to date! Essentially it has required the development of another secure bank feed system, quite distinct from what we have in place for our existing partner bank feeds. Also, while designing our Yodlee integration, it became clear that it was essential to add notifications (a message inbox within Xero) to streamline the user experience when setting up new bank feeds. So we’ve had to create a new notifications system from scratch. Initially this will be for Yodlee bank feed notifications only, but in time it will be used to keep you informed of other bank feed or billing plan notifications. Eventually you’ll be able to set up notifications of your own, such as when a bank account drops below a nominated balance.

The team are now starting end-to-end testing, so we’re getting close to the first phase of the Yodlee integration. This won’t make our next regular product release due later this month, so we’re going to have a special release for this on 18 October. We know a further delay to making Yodlee available in Australia is a blow for many of you and we’re really sorry, but it’s paramount we complete the level of testing that’s needed for a project of this size.

Here’s a quick look at how easy it will be to sign up for these new feeds in Xero.



Three phases

As we’ve said before the Yodlee enabled feeds are being released in several phases. This first release in October will provide bank feeds for Xero Business customers from more Australian based banks where we don’t already have partner bank feeds. These will include Bank of Queensland, BankSA, Bankwest, Citibank, Macquarie Bank, St George Bank and Suncorp (for Suncorp customers do not use a security token).

Once this is running smoothly we will then release access to all other banks available through Yodlee worldwide that don’t require multi-factor authentication (an additional one time password or code) for their internet banking sites. We expect the second worldwide release phase to be sometime from November onwards, but we’ll give you updates nearer the time as we know how eager many of you are for these! Support for banks that need multi-factor authentication for access to internet banking will then be released in a third phase in early 2011. Australian banks that require this include Suncorp (optional) and Bendigo Bank.

What’s different?

We thought it’d be useful to clarify how the Yodlee enabled feeds work. They differ from the automated bank feeds which our customers already enjoy and which have been enabled by direct integration with specific partner banks. Where available, these partner bank feeds are activated by customers giving the bank the authority to send their statement data to Xero. This data is then transferred from the bank over a secure connection directly into Xero. With the new feeds the Yodlee data gathering service works by regularly and automatically accessing your online banking site, downloading any new statement data for your nominated accounts. This data is then transferred securely from Yodlee into Xero. To access your online banking site Yodlee needs to store a copy of your online banking login credentials (i.e. user name and password). These online banking credentials are provided by you when you activate a bank feed powered by Yodlee from within the Xero system. These credentials are stored securely by Yodlee and used only by an automated data gathering service to access just your statement data. They are not stored or used at any time in the Xero system. Where the customer’s online banking site requires multi-factor authentication then this will still need to be provided whenever the customer requests retrieval of new statement data for the related bank account from within Xero.

Partner bank feeds

Where we have existing direct feeds with banks in NZ, Australia and the UK, these existing partner banks will not be available under the Yodlee service. We’ll still look to work with major banks in our key geographic markets to establish direct partner feeds with these banks where appropriate. Nevertheless, the Yodlee data gathering service provides an excellent way to fast track automated bank feeds from several thousand additional banks for the benefit of many Xero customers around the world.

 

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50 comments

Andrew Haynes
10 September 2010 #

Fantastic, pity about the delay but the integration looks great.

Reflecting on previous posts it’s also good to know security and infrastructure are of such a high priority and standard at Xero when Yodlee feeds are going to require users to enter their internet banking credentials.

Andrew Haynes
10 September 2010 #

Assume credit cards will be part of the second phase?

Anton Gerner
10 September 2010 #

YES ! YES ! YES ! SUNCORP !!!
You have made me happy today !!

Alastair Grigg
10 September 2010 #

Hi Andrew,
Yes, we’ll be providing feeds for credit card accounts from a range of banks in the second phase. More details on this as we get closer to that release.

Tim Major
10 September 2010 #

I am a new client using the system. So far so good. We use Royal Bank up here in Canada. Will Yodlee work with that bank? (here’s hoping).

Catherine
10 September 2010 #

Have just checked & yes, Royal Bank of Canada is on the list!
Regards, Catherine

Adam
10 September 2010 #

Amazing, this is what online accounting software is all about!

Is there a full list of supported banks available?

Alastair Grigg
10 September 2010 #

Thanks Adam – it certainly is. There is a (very long) master list of all banks and other financial institutions available through Yodlee. But we are still working on confirming exactly which of these will be appropriate for inclusion in phase two. Once phase two is released, customers outside Australia will quickly be able to check if their bank is available from within Xero.

Earl Rudolfo
11 September 2010 #

Way to go Xero! Just another great example of how Xero is listening to its customers. I’m assuming the Canadian release will happen sometime in November? For me, it would be a nice, early Christmas present from Xero – :).

Matt Alsbury-Morris
11 September 2010 #

All good news really, but a shame that the promises of ‘Autumn’ for the UK after previous timescales is slightly disappointing. As this one of the key selling points of the software it should priority número uno! Please please please get us Barclays, RBS, Barclays and Lloyds TSB asap?!

Alastair Grigg
11 September 2010 #

@Earl – Yes, if phase one goes smoothly, then we expect to make banks from Canada, US and the UK available in phase two in November.
@Matt – It certainly is top priority for us right now. Barclays, RBS (Digital Banking) and Llyods TSB (personal/retail online banking) are all currently planned for release in phase two.

Aymeric
29 September 2010 #

Great… is HSBC on your list as well?

Jeff K. Wad
29 September 2010 #

I’m with Earl. We’d really like to see some support for Canadian banks!

Guillaume Coderre
29 September 2010 #

Adding my voice to Jeff’s and Earl’s. +1 for Canadian bank support!

Elena Borodina
29 September 2010 #

My voice for Canadian Banks. This would be great!

Todd
29 September 2010 #

Another +1 for Canadian bank compatibility

Sebastian
29 September 2010 #

Hi guys,

fantastic news. Will HSBC Hong Kong also be part?

Best
Sebastian

Alastair Grigg
29 September 2010 #

@ Aymeric – we already have a direct bank feed with HSBC in the UK, click here for more information. The Yodlee integration will provide feeds for HSBC in the US, where these accounts are accessed under the HSBC personal online banking site.

@ Sebastian – unfortunately Yodlee does not provide access for HSBC accounts in Hong Kong.

For Canada we are still to confirm exactly which banks will be included in the second release phase, but at this stage we are expecting to provide feeds from Scotiabank, National Bank, ING Direct and ICICI, where accounts are accessed through personal/retail online banking sites.

This list will be extended in early 2011 with feeds from Royal Bank of Canada, TD Bank, CIBC and BMO, once we support banks that require multi-factor authentication in their Internet banking sites.

Raoni
29 September 2010 #

Hi! What about Brazilian banks?? Is there any???

Brian
29 September 2010 #

Is or will First National Bank (FNB) from South Africa be included on the list? If not, what are your plans for South African banks? Thanks for a super accounting package!

Puerh
29 September 2010 #

Is there any possibility in future that the current method of adding a stream from a partner bank (which requires filling out and mailing in a form) might be simplified to this yodlee method?

David
29 September 2010 #

What’s the pricing structure for this? Will it be free?

Michelle Dale
29 September 2010 #

Oh yay!! Please tell me this will work with Piraeus Bank!

Alastair Grigg
30 September 2010 #

@ Raoni – sorry but Yodlee does not have any Brazilian banks available on their service.
@ Brian – again Yodlee doesn’t have any South African banks on the service. We’ll monitor closely because if we can reach a critical mass of customers in either of these countries we may be able to convince Yodlee to extend their service to at least the major banks.

@ Puerh – we are working with partner banks to switch the current form based registration for feeds to an online registration within Internet Banking. We should have one of these partner banks leading the way later this year.

@ David – yes! These bank feeds will be part of the standard service and so provided within your current subscription fee.

Alastair Grigg
30 September 2010 #

Hi Michelle, sorry but Piraeus Bank isn’t yet available. Yodlee’s coverage of European banks is currently limited to only a few of the major banks in France and Spain.

Stephan Krause
2 October 2010 #

Will be able to support token generators?

I bank with citibank business (citibusiness) in the USA. With your standard login/password procedure, you have token generator as well. Do you know if you will be able to support this feature?

James
5 October 2010 #

Where is there a list of the banks supported? Can it do Vectra Bank in Colorado, Westpac in Australia?

Alastair Grigg
7 October 2010 #

@ Stephan – Citibusiness accounts are covered by Yodlee. However, as you mentioned, access to Citibusiness online banking involves multi-factor authentication (a token generator). Unfortunately we have some more development to do to enable automated feeds from accounts with multi-factor authentication, which we plan to release as a later phase of our Yodlee integration sometime early in 2011.

@ James – see my comments above as to why we have not yet been able to publish a full list of banks available through Yodlee. Vectra Bank is covered by the Yodlee service. However, as with Citibusiness, these accounts require support for multi-factor authentication, so won’t be available until we release support for this in early 2011. Automated bank feeds from Westpac Australia are already available as direct partner bank feeds – more information here on how to register your accounts for these.

Stephan Krause
8 October 2010 #

Thanks Alastair. I will will hold tight.

Jonathan
11 October 2010 #

Will HSBC Australia be supported by Yodlee or direct feed any time soon?

Cathy
12 October 2010 #

Also keen to know about HSBC Australia and when that will be available. Have recently set up large client who banks with NAB on XERO and obviously the auto bank feeds was a big selling point. Yesterday they decided they will move there banking to HSBC Australia!!

Seth Halpern
13 October 2010 #

PNC, PNC, PNC!

Jennie Smith
14 October 2010 #

Will you be able to have a mix of feeds in a ‘file’. Eg. ANZ feed and yodlee for st George bank?

Alastair Grigg
14 October 2010 #

@ Cathy – HSBC credit card accounts will be available in this first release. However, HSBC bank accounts require multi factor authentication (MFA) with online banking, so unfortunately these won’t be available until we release support for MFA accounts early in 2011.

@ Seth – Yodlee provide access to PNC Bank accounts in the US, so expect this to be included in the phase 2 release sometime from later in November

@ Jennie – Yes, you can have a mix of bank feeds in the one Organisation on Xero, some accounts like ANZ as existing direct partner feeds and others like St George as feeds via Yodlee.

We will now be moving our business to Xero with the online integration of St. George.

Just brilliant thank you guys… and a shout out to Yodlee one of my first online bank accounts back in 1998 in the UK!

Awesome. :)

Wondered what happened to their awesome service… more B2B hey chaps!

Thank you Xero!!! :)

David G
30 November 2010 #

Are UK Lloyds TSB business accounts likely to integrated with Yodlee soon?

Alastair Grigg
30 November 2010 #

Hi David, Yes Lloyds TSB Business Accounts will be available along with many other UK banks from tomorrow! See this recent post for more info.

Allen
14 December 2010 #

Any word on US banks? I will switch banks to get one that works with Xero but we need to move the cloud asap and need to choose a provider. Less Accounting has US bank feeds for all the big banks and MFA authentication working right now however Xero is a more well designed UI in my opinion.

Dan
29 December 2010 #

We are still trying to decide on a solution for our bookkeeping needs and are taking a hard look at xero and indinero.

We bank with Chase bank US and use American Express for credit card services. From this post, do I understand correctly in assuming we have to wait until 2011 to have our bank register transactions populate in xero? Does this mean we have to manually enter each transaction currenty?

Is Chase US and American Express on “the list” for integration?

Thanks!

Sam
22 June 2011 #

Will ING Australia be included?

Alastair Grigg
23 June 2011 #

@ Sam – Sorry, but Yodlee do not currently provide feeds for ING Australia accounts. We’ll monitor demand for this and ask for it to be added if we can show enough interest from Xero customers.

Foxe
12 July 2011 #

I have just signed up with Xero and also have a number of ING Australia accounts. I’ve logged a support ticket for ING Australia bank feed with Xero, as I’m amazed I can get automated feeds from old antiquated banks and credit unions, but not the one that has the best online technology (ie: ING Australia)??

N
7 September 2011 #

we use Bank Franci and Samba bank in Saudi Arabia, doesn Yodlee support these?

Alastair Grigg
7 September 2011 #

@N, Unfortunately Yodlee does not currently provide support for any banks in Saudi Arabia. They’ve not indicated this is a region they plan to add support for, but we will monitor demand from our customers and if we see sufficient use of these banks on the service we can work on Yodlee to have these added.

Mark
7 September 2011 #

Re Sam and Foxe’s comments above: Please add me to the list of accountants who would like a Yodlee feed for ING Australia accounts of our customers. Thanks Xero!

N
7 September 2011 #

thanks Alastair for the reply, do you suppose one could just upload bank statements to run the system alone rather than collaborating with the banks?? or would that ruin the cole purpose of XERO and put in extra work? suggest please.

Daniel
6 November 2011 #

Are Australian credit unions supported? Is the Police and Teachers Credit Union on the list? Thanks :-)

Alastair Grigg
7 November 2011 #

@ Daniel, There are a number of Credit Unions in Australian supported, including NSW Teachers Credit Union and Defense Force Credit Union. However, the Police Credit Union is not currently available through Yodlee. As always, the quickest way to check if bank feeds are available for a financial institution is login to Xero and in your own company or the demo company try adding a bank account for that institution.

David
1 February 2012 #

@Alastair – regarding Oct 2010 post about Xero/Citibusiness support.

What is the current status of Xero support for Citibusiness accounts in the USA that require secure ID tokens (one time passwords) for authentication?

Mangesh Vyas
6 November 2012 #

I need to integrate a feature in my current application where user can check bank account’s details like Yodlee does. Do you have public API ? Can you please revert back to me. Is it available for other developers ?

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