Direct feeds from our partner institutions such as ASB are some of the most beloved features of Xero. Data comes in daily, you can finish your reconciliation in a few minutes, and your financial reports are all up-to-date. It’s a beautiful thing.
If there’s been a drawback to direct feeds, it’s been the requirement to complete a paper application form to get a direct feed in place. Whether you used a competitor product or Xero – this has been part of the process of getting things up and running.
Not any more. Recently ASB and other financial institutions have worked with Xero to create a new process for setting up bank accounts to deliver data to Xero.
Now, once you have set up your bank accounts in Xero, you can log into ASB’s FastNet Business online banking service, and under ‘Administration/Client/Accounting Set up’ go through a quick process where you’ll select your accounts and then be redirected to Xero to connect your chosen bank account feeds. No waiting – no fuss. Your first feeds will arrive the next morning. And if you have historical data you want to bring through, you can do that too. More information is available on ASB’s blog.
TSB Bank also introduces support for Next Generation Banking
TSB Bank has also introduced the ability for you to set up your own bank accounts in online banking using this same process. You can set up your own bank accounts in TSB Bank Online Banking, connect the service, and then have TSB Bank send your transactions quickly and easily. So that’s two New Zealand banks where you can establish direct bank feeds into Xero through your online banking.
We expect to be able to support from additional banks in the new year.
Working directly with banks
Direct feeds are not just about more reliable data – they are also about financial institutions being able to take advantage of our additional banking services and create a tighter integration between Xero and online banking. We’re calling this Next Generation Banking, and it’s the future.
We’re doing our best to educate financial institutions about the value that integrating with Xero offers. For that purpose, we’ve launched a new page on our site to help financial institutions understand what working with Xero means.
If you’re trying to convince your financial institution to supply data directly to Xero, or you’d like to see them support online account setup, please invite them to take a look at this page and to complete the contact form at the bottom. We’re open to talking to any and all financial institutions – all they need to do is get in touch. We’ve now made that a lot easier for them, and as a result we’re sure we’ll see many more direct partners over the next 12 months.
Our vision is to work with leading banks to seamlessly integrate banking services with small business software to make business easier.
Thank you ASB and TSB Bank for leading the charge.