The introduction of automated bank feeds is a key and complex piece of work for the Xero Personal team and understandably it’s also high on the customer request list. We’ve made progress with laying the groundwork for the feeds over the last few releases and now it’s time to give you an update.
In May, the next Xero Personal release will introduce new categorisation or sorting logic, including improved user defined sorting rules. This will help get more transactions automatically sorted into spending or income categories. It will also ensure that the sorting function is then compatible with the style and format of transaction data that will come from the Yodlee data gathering service which is what will be used to deliver automated bank feeds into Xero Personal.
Once this release is complete, the final step for the Xero Personal team will be to connect the Xero Personal app to the banking integration platform. The banking integration platform manages all the automated bank feeds in the Xero small business accounting app – Yodlee bank feeds included.
Our rapid growth, including customer numbers more than doubling over the past 12 months, means the banking integration platform has been processing a large number of transactions. To accommodate this increase, we need to schedule some important improvements and upgrades. This work is already underway and will take another six to eight weeks. It’s important that this is completed before the banking integration team can then connect Xero Personal to the Yodlee based bank feeds.
While growth is a great problem to have it will mean a bit of a delay to our targeted release date for more bank feeds into Xero Personal. We were working toward May, but we’re now targeting Q3 (July-September) 2012. Rest assured we’ll let you know the actual release date nearer to that time.
We know this is frustrating for those of you who are very keen to have the added convenience of bank feeds. But what it does mean is we can fit in another release with various other improvements across the app before focusing 100% back on the introduction of bank feeds into Xero Personal.
Update: clarified the target date for bank feeds as Q3 (July-September) 2012.