Together, Xero and Westpac are committed to removing points of friction for small businesses and their advisors. As part of an ongoing move to reduce paperwork for small business owners, Westpac have launched a new way to apply for direct bank feeds.
Direct bank feeds allow bank transactions to flow seamlessly into Xero, reducing manual admin and the risk of data entry errors. Bank feeds make daily reconciliation a reality and allow businesses to see their true financial position each business day. Working on the exact same data, accountants and bookkeepers can forecast, plan, and help businesses remain financially stable and viable.
No more paper
This new update means instead of the current lengthy process of manual forms to activate bank feeds, small businesses can now apply directly via their Westpac online banking platform (Westpac Live).
Both Xero and Westpac want to improve the process for every customer. This means not only making it more efficient but also making it more secure. Once a customer has entered their Xero details into Westpac Live, they’ll begin receiving bank statement transactions the following day.
For advisors, instead of asking clients to sign and scan a form, you can ask them to simply go to their Westpac internet banking, and request a connection from there.
Setting up Westpac bank feeds
Here’s how to set up Westpac bank feeds to Xero.
- In Westpac Live, select the accounts you want to connect.
- Select Xero as the third-party service provider.
- Enter the the Xero organisation name. You can see the organisation name at the top left corner of any Xero screen. We recommend copying and pasting it from Xero into Westpac Live.
- Enter the email address used to log into Xero. To see the email address, click the user name at the top right corner of Xero, then click Account.
For a full guide on how to set up Westpac Bank Feeds head to our help page.
This is just a small change, but it’s an example of how banks are partnering with Xero to make incremental improvements to make the lives of small businesses easier.