Great ideas succeed where others fail because among other things they are disruptive. One such idea; the practice of running software applications in the cloud, is growing so rapidly because it is disruptive in two important respects; economic and innovation.
Online apps share a common economic disruption because rather than paying for them up front like classic software, you pay as you go and you can easily scale your spending up and down as your needs change plus you are not locked in to lengthy contracts. And in the world of small business accounting we also see huge disruption along the axis of innovation with the elimination of multiple datasets, provision of access from anywhere and from any device, and an awesome platform for instant collaboration between business owners and their financial advisers.
And so today we’re thrilled to be adding a new chunk of innovation disruption to the list in the UK with the release of the second phase of automated bank feeds from more than 55 UK banks and financial institutions. This phase caters for customers of UK banks such as Lloyds TSB, Nat West, Santander, Bank of Scotland, Royal Bank of Scotland and for customers across the Irish Sea, Ulster Bank and Bank of Ireland, with more to follow.
It’s taken us a while to get here and we’re grateful for your ongoing patience as we continue to roll-out this new service powered by Yodlee, last month it was Australia, and from today in the UK and Ireland. Our Help Centre has more detail about these new banks feeds and how to set them up. It also shows you how to find out if your bank is supported.
And we’re also feeling chipper today because Xero is the first accounting system in the UK to seamlessly couple banking with accounting, with daily banking transactions from UK high street banks now automatically flowing straight into Xero.
Our experience with bank feeds in New Zealand and Australia is that this is a game-changer. Having near real time accounting information is transformational and we believe all small businesses will demand bank feeds in their accounting software over the next few years. And with bank feeds there is also a huge opportunity for the UK accounting profession to upgrade, add value and be competitive. Having launched our first UK bank feed in May 2009 for HSBC customers, what we do know is that there is a real appetite for bank feeds in the UK as you’ll see in the video above.
Next stop is bank feeds for banks in the US and Canada. We’ll be releasing these as soon as the new UK and Irish feeds have bedded down, which is expected to be within the next couple of weeks.