As the next step in the partnership between Xero and The Royal Bank of Scotland, the UK pillar bank has dropped the price of its bank feed to £1.50 per account. If you are already using a Royal Bank of Scotland or NatWest direct feed your monthly bill will automatically be reduced, and if you are not then the Royal Bank of Scotland/ NatWest direct feed has just become a lot more attractive for Xero customers.
Xero is working extremely hard behind the scenes with all major UK banks to ensure that direct bank feeds are as cheap as possible and the user experience is reliable, easy and, of course, beautiful. The Royal Bank of Scotland shares the vision of Xero and wants to get direct feeds into the hands of as many UK businesses as possible to help them flourish.
Why should I care about direct bank feeds?
The Royal Bank of Scotland and Xero see accurate, instant banking information available in Xero to our customers and their accountants as the critical first step of our “financial web” vision. Highly accurate and up to date banking information allows businesses and their advisers – whether from accountant, bank or elsewhere – to help businesses make the right decisions fast and help them grow. Accurate banking data also allows businesses to forecast much more accurately and opens up business finance options that may not have previously been accessible. Xero believes that getting more capital in the hands of small businesses is key.
Xero and the banking industry
Worldwide, Xero partners with over 100 financial institutions and in the UK has direct bank feeds with seven of the eight largest UK banks, more than any other accounting software provider. Over the last few years there has been a general trend of banks reducing the charges for direct bank feeds and investing heavily in improving the experience for their customers whichever way they would like to digest their banking information. The competitive UK banking market means that this trend is very likely to continue, which is fantastic news for small business owners in the UK.
Find out more…
If you are interested in moving to The Royal Bank of Scotland/NatWest direct feed, or would like to learn more, please go to the relevant pages on the Xero help centre.