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Next Generation Banking with ASB

Direct feeds from our partner institutions such as ASB are some of the most beloved features of Xero. Data comes in daily, you can finish your reconciliation in a few minutes, and your financial reports are all up-to-date. It’s a beautiful thing.

If there’s been a drawback to direct feeds, it’s been the requirement to complete a paper application form to get a direct feed in place. Whether you used a competitor product or Xero – this has been part of the process of getting things up and running.

Not any more. Recently ASB and other financial institutions have worked with Xero to create a new process for setting up bank accounts to deliver data to Xero.

Now, once you have set up your bank accounts in Xero, you can log into ASB’s FastNet Business online banking service, and under ‘Administration/Client/Accounting Set up’ go through a quick process where you’ll select your accounts and then be redirected to Xero to connect your chosen bank account feeds. No waiting – no fuss. Your first feeds will arrive the next morning. And if you have historical data you want to bring through, you can do that too. More information is available on ASB’s blog.

Bank feeds from ASB into Xero

TSB Bank also introduces support for Next Generation Banking

TSB Bank has also introduced the ability for you to set up your own bank accounts in online banking using this same process. You can set up your own bank accounts in TSB Bank Online Banking, connect the service, and then have TSB Bank send your transactions quickly and easily. So that’s two New Zealand banks where you can establish direct bank feeds into Xero through your online banking.

We expect to be able to support from additional banks in the new year.

Working directly with banks

Direct feeds are not just about more reliable data – they are also about financial institutions being able to take advantage of our additional banking services and create a tighter integration between Xero and online banking. We’re calling this Next Generation Banking, and it’s the future.

We’re doing our best to educate financial institutions about the value that integrating with Xero offers. For that purpose, we’ve launched a new page on our site to help financial institutions understand what working with Xero means.

If you’re trying to convince your financial institution to supply data directly to Xero, or you’d like to see them support online account setup, please invite them to take a look at this page and to complete the contact form at the bottom. We’re open to talking to any and all financial institutions – all they need to do is get in touch. We’ve now made that a lot easier for them, and as a result we’re sure we’ll see many more direct partners over the next 12 months.

Our vision is to work with leading banks to seamlessly integrate banking services with small business software to make business easier.

Thank you ASB and TSB Bank for leading the charge.

Find out how we work with Financial Institutions

 

Read more about Business, next gen banking

 

5 comments

Mark
30 November 2013 #

Great news and a big time saving.

HSBC in the UK please!

Mark

Nigel
1 December 2013 #

What would be an amazing would be a banking status page on your website listing the banks in each territory who you have a direct feed from, this that are in discussions, and those that have declined it for now.

It would be helpful for your customers choosing who to open accounts with, and it might well be persuasive to banks to get on board, as their customers would know if they are not playing ball. If it had links to account opening forms etc. it would be a carrot for banks too…

Dan Black
2 December 2013 #

Nice one!

John Cotter
3 December 2013 #

UK Banking and Xero hopeless! Only HSBC provide a direct feed, it is so frustrating.

UK banks lose all my new clients to HSBC who happily provide a feed and so new clients happily go there.

Barclays, NatWest, Santander etc – are all in the dark ages.

In a few years they will all be providing direct feeds, it is like trying to encourage children to eat their greens!

Paypal allow user to setup direct feeds without fuss and now TSB (probably outside UK) allow users to take control and simply agree online to allow Xero direct feeds.

For God sake banks, wake up, hello!!!!

Diane Crawford-Errington
3 December 2013 #

Fantastic news ASB and TSB. Leading the charge, hopefully the other banks will join in soon.

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