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New direct bank feeds for Australia

We’re very pleased to announce that Xero has established agreements with four more large Australian banks. These direct bank feeds will be introduced to Xero business customers over the next month, just in time for Xerocon Australia.

Bankwest is a market leader in Western Australia with over a million retail customers. It will be offering direct feeds from bank accounts and credit card accounts into Xero from August 20th. We’re excited about the introduction of this feed for our customers in Western Australia.

As of August 20th, other Australian banks to offer direct feeds were:

This greatly increases our coverage of bank accounts in New South Wales, South Australia, Victoria and Queensland.

The introduction of these feeds has been made possible by the support of our customers who lobbied for these banks to supply data to Xero. The banks themselves recognised a real customer need, and actively worked to put in place a process for delivering this data to their customers through Xero.

From today, if you are a customer of Bankwest, St George, Bank of Melbourne or BankSA you will be able to apply to have these feeds delivered to your Xero business directly from the bank.

These direct bank feeds will replace any Yodlee feeds that you may have been using up to now. If you’re using one of these feeds, you will receive an email over the next couple of days. The email will have instructions on how to transition to the new feeds. The new feeds will start on the 20th of August.

View our complete list of Australian partner banks

UPDATE: St George, Bank of Melbourne and BankSA feeds will now start on September the 4th.

 

Read more about Business, direct bank feeds

 

9 comments

@HeatherSmithAU
31 July 2013 #

This is great news.

I also look forward to banks providing more detailed information on bank feeds – now wouldn’t that be useful. Imagine if they could capture the GST split…and a RECOGNISABLE name of the supplier/entity…

Thank-you for lobbying for this for small businesses.

Cassandra Scott
31 July 2013 #

Fantastic news – hopefully the momentum will start, with more and more banks making the approach. I just wish the banks would have some sort of data standard, so that there was consistency between banks regarding info that does come through to the feeds.

Jane Crews
31 July 2013 #

Excellent. Positive step in the right direction.

Nigel
2 August 2013 #

So if this is mainly caused by your customers lobbying, would you consider providing a list of appropriate people to lobby at main banks throughout the UK? I’m with the co-op for starters.

I’m sure that many customers would happily write to their banks on this one if they felt their voice would be heard.

Adele Wardley
2 August 2013 #

Thrilled to see more banks coming to the party – and love that St George will provide a credit card feed.
I second Nigel’s comments that providing details of how and who (within a financial institution) to lobby would likely help those institutions recognise customer demand. Doesn’t really make sense for small business owners (who are usually time poor) to research that information individually. Any chance of some assistance or direction there?

Matt Vickers
3 August 2013 #

Hi @Nigel and @Adele – I’d just mention it to anyone you happen to be dealing with at the bank concerned. The message will find its way to the person that needs to hear it.

Nigel
6 August 2013 #

@Matt – Maybe banks are different in New Zealand…!

Tony Arnold
5 October 2013 #

What Xero neglected to mention in this post is that the St. George direct feeds do not cover all of the existing feeds that Yodlee deals with. I’d been happily using Xero with automatic bank feeds from my St. George SENSE accounts for quite some time and the switch to direct bank feeds from St. George means that none of those accounts receive automatic updates anymore: I have to manually import transactions into these accounts from here on out.

I’ve spoken to support who have directed me to change my banking arrangements or learn to enjoy the manual imports.

Xero should have told us that certain types of accounts weren’t going to be supported and maintained Yodlee feeds for them until they are supported. The way this was handled was poor, and I’m now left with a product that’s missing one of the key features that I signed up for.

I’m questioning whether it’s worth my time persevering with Xero after this change.

Matt Vickers
7 October 2013 #

Hi @Tony – as part of the agreement with St George to supply feeds they requested we retire Yodlee support. Our understanding was that all transactional St George accounts would be supported and I agree that it’s unfortunate that SENSE accounts aren’t. I’ll be following this up with them – it would help if you too let your bank manager know that this has been a problem for you. Now that we’ve established a relationship with St George, we are able to use that to encourage them to broaden the range of accounts they provide support for, so we’ll be encouraging them to add SENSE account support to their bank feed delivery.

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