Together, Xero and HSBC are committed to removing points of financial friction for small businesses. As part of an ongoing move to give them more control over their financial data in a secure environment, HSBC has launched a new upgrade to their direct bank feed.
This new HSBC feed is the first of a new wave of bank feeds using Xero’s API. It uses an extremely robust connector that allows third parties (such as banks) to quickly and securely supply data to the Xero platform.
Benefits of the new feed
The main benefit of the new feed is that it’s ‘set and forget’ which means set-up is a once only quick, digital process (see full details here) without repeated logins or the level of missing and duplicate transactions you may get with third-party feeds. It’s fully automated, driving practice and business efficiency. Accounting partners can now get multiple clients up and running with HSBC digital banking in minutes rather than days.
Setup your bank feed today
If you are a customer of ours, you can set it all up from within Xero itself. All you need is your HSBC login, and the whole process takes a matter of minutes. If you’re a joint customer and use the existing direct feed, you will have been automatically upgraded and notified of the changes – the best of which is the price drop down to £1.50 per month.
Rewiring small business finance
Despite now turning over £1.8 trillion in the UK, the small business market has historically been hard for larger financial institutions to serve. However, by working with Xero, banks such as HSBC are now able to provide market-leading digital banking services such as our new API-driven feed to the UK’s small business community.
HSBC is dedicated to supporting the UK small business economy. Over the past three years, the bank has invested £24bn in lending to small businesses and has more than a million customers in the UK. This collaboration between Xero and HSBC is a great example of a technology company and a large bank working together to help small businesses thrive. And when small businesses win, we all win.