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Coming soon: A new and improved bank feeds experience

Posted 5 months ago in Platform by Dimitri Stylianidis

The introduction of Xero bank feeds in 2007 changed the game for small businesses and their advisors. Now, we’re changing the game again, introducing a new and improved process to connect bank feeds that require paper application forms, so it’s an easier and more seamless experience.

Bank feeds are one of the most loved features of Xero, enabling businesses and their advisors to quickly see how the business is performing. Bank transactions flow automatically into Xero, where users can easily reconcile transactions and see an up-to-date view of their cash flow.

Once the bank feed is connected, it’s a smooth process, however in many cases the setup process is a little cumbersome. For the majority of our users today, connecting bank feeds is a manual process requiring paper application forms to be completed and emailed to Xero. Once they’re checked for accuracy at our end, we send them on to the bank and there’s generally a wait of up to 10 days before bank transactions begin flowing into Xero.

Our customers told us this process was too manual and time consuming, and we agreed.

At Xero we are continually looking at ways to design better experiences and remove friction for our customers, so we’re improving the connection process to be a smoother, more automated one.

Instead of manually completing a paper application form to connect a new bank feed, users will be able to download a pre-populated application form with information about their Xero organisation and bank account details, and upload it into Xero, where the form will be automatically processed.

By automating many of the manual steps in the process, it’ll be easier for our users to connect bank feeds so there’s more time to do beautiful business.

We’ll be introducing the new process in the next week or so, starting with New Zealand and followed with our other regions. You’ll hear from us again once the new process is available.

8 comments

Andrew
January 10, 2019 at 11.10 am

Any news one real time bank feeds – banks now settling with each other every three hours or so.

Joanne Tait in reply to Andrew Xero
January 11, 2019 at 4.42 pm

Hi Andrew,

Thanks for your question. The improvement we are making is to simplify and speed up the set up process for new bank feeds. While this process improvement won’t change when Xero receives data from banks, we’re working hard with all our banking partners to increase the frequency of when we receive transactional data. We will let you know via the Xero Blog when we have an update.

Thanks,
Joanne

Allan Fefergrad
January 13, 2019 at 5.54 pm

Is this a replacement for yodlee feeds?

Joanne Tait in reply to Allan Fefergrad Xero
January 14, 2019 at 4.18 pm

Hi Allan, thanks for your question.
This process improvement does not replace or change Yodlee feeds. The set up for Yodlee feeds is already automated. This improvement is automating a lot of the set up process for most direct feeds between Xero and Financial Institutions.
Thanks
Joanne

Daniela
January 16, 2019 at 12.24 pm

Will this help with credit card feeds – I don’t understand why this still needs to be done manually.

Joanne Tait in reply to Daniela Xero
January 29, 2019 at 2.12 pm

Hi Daniela, thanks for your question.
Yes, the new process will make it easier to set up a credit card feed. We are automating many of the manual steps that exist in the process today, which will make it easier and faster to connect new feeds.
Cheers
Joanne

Sam
January 25, 2019 at 1.49 pm

Hi Joanne,
Does that mean there is no need to sign the bank feed form?
How long will it take for the form to be automatically processed?
Thank you
Sam

Joanne Tait in reply to Sam Xero
January 29, 2019 at 2.13 pm

Hi Sam,
You will still need to sign the form to authorise the connection, however after you’ve scanned and uploaded the form into Xero the process is all automated. We’re still working through the time to process but the Xero part of the process will be much faster.
Cheers
Joanne

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