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Payments General

Xero launches open banking API for accounting

Thursday 29 November 2018 | 02:13 PM CET

Xero has launched its open banking API, which aims to enable banks, fintechs and financial institutions to provide bank feeds for small businesses.

With the open API, banks and fintechs can now quickly and securely integrate with Xero with minimal development. Small businesses can now sign up to direct feeds from their bank in minutes instead of days and, with bank data flowing into Xero automatically, the time spent manually adding this information to their accounting system is greatly reduced.

In addition, time spent reconciling transactions reduces. Having direct access to bank feeds, enabled through the API, will allow small businesses and their advisors to more easily manage cash flow, navigate through tax time, make business decisions and uncover insights about performance by having access to data that requires minimal rework by businesses and accountants. As a result, automated and high integrity data can be imported via direct bank feeds, allowing for faster reconciliation in Xero. By tapping into the Xero’s bank feeds API, financial institutions will be able to provide new experiences for SME customers beyond just transactions, to lending and payments.

Xero is also partnering with Neat, a provider of fintech services for individuals and SMEs in need of alternative corporate bank accounts. Neat will be the first fintech in Hong Kong to be integrating with Xero’s API.

More: Link
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