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A new bank feeds process – simpler, faster, and more secure

Posted 3 weeks ago in Advisors by Candice Jones
Posted by Candice Jones

Bank feeds are a core component of Xero, giving you an up to date view of your cash position so you know how your business is performing. Unsurprisingly, it’s a popular feature – 71% of accountants tell us that bank feeds and reconciliation are their most loved features in Xero.

Because of their importance and the benefits they provide, we are constantly looking at ways to remove friction that our customers face. Today, a good proportion of our direct bank feeds globally require customers to connect them using paper application forms, which can mean a 10 day wait for transactions to start flowing into Xero. Our customers told us this process was too manual and time consuming, and we agreed.

We’re excited to announce a new and improved process to connect bank feeds that require paper application forms. We’ve created an easier, faster and more secure process, and by automating many of the manual steps in the process, we’re giving our customers more time to do beautiful business.

A simpler process

Say goodbye to manually filling in application forms. Now, to connect a new bank feed you can download a pre-populated application form in Xero with information about your organisation and bank account details. Simply sign and date the form, scan and upload it back into Xero and we’ll take care of the rest.

“We are really happy to be able to provide a better experience for the 200,000 customers who will connect direct bank feeds over the next year. We know how important bank feeds are for small business owners and their advisors to reconcile the books and see how the business is going, so this new simpler process is really going to make a difference to them so they can get on with running their business,” said Dimitri Stylianidis, Head of Data Integration – Financial Services at Xero.

Uploading the form is easy – just follow the steps after downloading the form and select ‘upload form’. If you need to upload the form at a later time, select ‘Get bank feeds’ from the Xero dashboard, then select ‘I’ve got a form’ and upload your form.

You’ll then get an instant response to confirm whether you’ve completed your application correctly or whether any key details are missing, and we’ll keep you informed on the progress of your application.

It’s faster and secure

A faster application process means bank feeds can be connected to Xero sooner.

“Automating steps in the process, such as manually checking application forms, means we’ve reduced inevitable delays so one of the biggest benefits the new process delivers for customers is the speed to activate bank feeds. Customers will be able to connect bank feeds faster to Xero,” said Stylianidis.

The faster bank feeds are connected, the sooner you can reconcile your banking and get an up to date view of your cash position so you know how your business is performing.

And you can rest assured that the process is safe and secure. Uploading the application form into Xero is a more secure way to share information, particularly sensitive information like your bank account details.

When will this be available?

The new process is now available to all our Xero users. We’re excited about making life easier for you and can’t wait for you to enjoy the benefits of this improved process.

2 comments

Lindsay Authers
February 15, 2019 at 2.22 am

Good day please can you advise where we find this form. I have asked previously and got told that it depends on the bank that the customer is with as to the process that is used. From this article it sounds different. I am wanting to get a client to do bank feeds but I haven’t been able to work out how I am to notify them of the procedure to get this implemented. The tutorials that you have in XEROU is based on the old method. The client I have I use the cashbook only version as I don’t need the payroll but need the GST.

Are you able to provide a procedure to do this.

Candice Jones in reply to Lindsay Authers
February 15, 2019 at 12.51 pm

Hi Lindsay,

The process to connect a bank feed is dependent on which bank your client is with. The first step is to add a bank account in Xero (select Accounting > Bank accounts), and follow the steps to connect a bank feed. If the bank account is already set up, select “Get bank feeds” from the Xero dashboard. Depending on the bank, you will either be prompted to enter the client’s banking login credentials or to download a pre-populated form which your client needs to sign and date, and scan and upload back into Xero.

You can learn more about the different types of bank feeds as well as which feeds are available at Xero Central: https://central.xero.com/s/article/Bank-feeds

Cheers
Candice

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