We know that a business’s Xero account is only as powerful as the information that feeds into it. This is why we’re constantly looking for ways to securely connect more financial services and banks to Xero.
For this reason, we are thrilled to announce today at Xerocon London five brand new integrations with leading UK fintechs: Tide, Starling, TransferWise, Revolut and Soldo, all of which were made possible by our new full-featured Bank Feeds API.
We’re also really excited to have been granted Account Information Service Provider (AISP) status by the UK Financial Conduct Authority. This means we can take full advantage of Open Banking in the UK. Combined with these new connections, we are in an awesome place to build on what we’ve achieved over the past decade – as the first platform in the UK to integrate banking with small business accounting.
These new feeds mean that small businesses and their advisors can automatically receive insightful data to more easily track foreign exchange payments, manage expenses and uncover deep insights about their businesses’ performance – all at no extra cost and through their Xero accounting dashboard.
The UK has a dynamic fintech sector and the latest Open Banking regulations have enabled a huge shift in the banking landscape. UK fintech disruptors are a key part of this change and we believe Xero’s new integrations with some of these leading organisations will enable small businesses and their advisors to gain access to the financial information they need to make crucial business decisions.
Having direct access to bank feeds from the five integration partners means small businesses and their advisors can more easily track foreign exchange payments, manage expenses and uncover deep insights about their business performance. Here’s a quick overview of the integrations we announced today:
A digital banking service for small businesses and sole traders. The integration with Xero will save businesses and their advisors time typically spent manually reconciling transactions.
The UK’s mobile-only bank, offering current accounts that connect to its Marketplace, the financial hub for customers to access connected platforms, products and services, such as Xero.
TransferWise is a financial company for people and businesses that travel, live and work internationally. Over four million consumers and businesses use TransferWise to transfer funds worth over £3 billion every month, saving themselves over £3 million every day when compared to traditional foreign exchange methods.
Revolut provide Personal and Business accounts to over three million users, for holding, exchanging, sending and spending funds without exorbitant fees.
Soldo is a multi-user expense account that gives businesses complete control of company spending and automates the entire expense management process.
More accurate data and greater time savings for small businesses and advisors
The new integrations build on the existing connections Xero has to more than 180 financial institutions globally – including Barclays, Natwest and Metro Bank in the UK and now Absa, a major South African financial institution, helping grow account coverage for small businesses in South Africa.
Small businesses can sign up to direct feeds without the burden of additional fees – from their bank in minutes instead of days and, with bank data flowing into Xero automatically. This offers great value to small businesses. Accountants and bookkeepers can now ensure they are working with accurate data when working with a bank that uses the Xero Bank Feeds API, so they can spend less time uploading statements, chasing information or fixing errors, and more time helping their clients grow.
Xero’s full-featured API for bank feeds
The new integrations demonstrate the success of the new Bank Feeds API, delivered via the Xero Developer API, which uses secure standards including OAuth to connect businesses with vital data from hundreds of sources in one platform.
It means financial institutions of all sizes across the world — from fintech startups to major institutions in developing regions — can securely integrate with Xero, dramatically improving time-to-market for direct integrations as they gain access to a consistent development platform to serve their customers.
We’re continually on the lookout for innovative organisations to integrate with and are strongly guided by what you tell us. So please let us know what you think and what integrations would be valuable to your business, or your clients. Contact us here.