If you use Xero, you shouldn’t be a stranger to bank feeds. Bank feeds pull in transactional data daily to help Xero subscribers see their cash position and make more informed decisions. But how do direct bank feeds compare to third-party solutions? Well, when you go direct, bank feeds are:
Accurate, with up-to-date data you can trust
Supported officially by the bank and Xero
Easy to set up using a one-time process
It’s clear – they’re the best choice for businesses when it comes to keeping data secure, accurate and up-to-date. But not all banks support direct bank feeds so small businesses may need to use a third-party solution to connect the dots. However, with Open Banking on the horizon, that’s all about to change.
As always, we’re committed to supporting small business success. So we’ll be working with the banks as they develop their Open Banking feeds to make sure small businesses benefit from the new standard.
If you want to know more about how Open Banking will affect you, including the timeline and information for accountants, bookkeepers and small businesses, you can learn all about it at the Xero resource centre.Learn more