Earlier this year we announced that Xero had entered into an agreement with online banking solution provider Yodlee Inc to extend our automated daily bank account feeds to several thousand financial institutions and account sources globally.
More than 100 leading financial institutions and portals offer Yodlee-powered solutions to millions of customers worldwide. For Xero this is an exciting and hugely significant step, as it will give many of our customers in Australia, the UK and other key regions such as North America the opportunity to have their bank transactions appear automatically in Xero.
Since the announcement we have been busy designing and developing our integration with Yodlee. It’s a big project that not only involves changes to the bank account features within Xero, but upgrading the banking integration environment behind the Xero application to securely manage the transfer of account data with Yodlee.
The integration project is now well advanced and we expect to start internal testing in July. Once our own testing is complete we’re planning to release the Yodlee integration in two stages:
Stage one – Australia
First we aim to make the Yodlee service available to all our Australian customers. The timing for this is likely to be September and will provide automated bank feeds for many of the banks that we don’t already have direct feeds with, including the following which you’ve requested:
- Bank of Queensland
- Macquarie Bank
- St George Bank
Direct feeds with Westpac
You may have noticed Westpac does not feature on the above list of Australian banks. That’s because we are pleased to announce that we are developing a direct feed service with Westpac, similar to the feeds we already have with ANZ, CBA and NAB. We expect to make Westpac feeds available around the same time as the first Yodlee release in Australia.
Even with Yodlee, Xero remains open to forming relationships with financial institutions for more direct feeds.
More to come
While Suncorp Metway and Bendigo banks are also supported by Yodlee, they both require two-factor authentication for access to account statement data and this will not be part of the initial release of our Yodlee integration. However, we expect to support banks with two-factor authentication (such as Suncorp Metway and Bendigo) in a later release.
Stage two – the world
Once we have successfully completed and bedded down this first release, the Yodlee service will then be made available to all Xero customers worldwide. At this stage we expect this to occur by November. But as we go through this process we’ll keep you updated via the blog. Stay tuned!!