Financial Institutions

Be the bank your small business
customers want you to be

The future of banking

Xero has created a new generation of services that bring banking and accounting closer together. Most small businesses use accounting applications and internet banking every day. Integrating these services makes small businesses more productive.

With over 300,000 business customers we’ve learnt that integration with accounting is the new benchmark for small business banking.

Connect with your customers

Financial institutions that integrate online banking and accounting use this service to gain new customers and create experiences that delight existing customers. You don’t have to look far to see this positive impact getting mentioned on social media.

Customers that are connected to you are more likely to stay loyal, giving you the opportunity to cost effectively introduce these customers to new services.

Daily bank feeds

Over the last seven years we have seen a game changing productivity improvement for small businesses having their bank data automatically feed into Xero. Bank reconciliation is now done first thing in the morning, instead of waiting till the end of the month. Small businesses know exactly where they are at every day – the world has changed for the better.

To make this happen, Xero connects directly with dozens of banks around the world and thousands of banks with Yodlee. Partnering institutions supply data to Xero with customer permission. We respect that these are your customers so have made sure your brand is prominent in Xero. Your customers will appreciate how they can now use their data and how much time you’ve saved them.

Automated setup

Through a simple integration with Xero’s platform your customers can securely link their bank accounts to Xero from your Internet banking site. Their bank transactions will appear ready to process in Xero each morning.

With our automated bank feed system, customers can select their accounts and have their bank statements loaded into Xero securely, accurately and instantly. For banks that enable historical transactions it’s a major benefit to small business owners and their accountants as they can quickly create financial statements without typing in shoeboxes of receipts.

Bill payment

Xero small business customers can load, approve and schedule accounts payable invoices and payments. Payment requests can be loaded directly into Internet Banking for authorisation and approval saving the business owner significant time and reducing risk.

Final authorisation can then be completed in internet banking or via mobile, using the financial institution’s existing products. Xero ensures banks control payment authorization.

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