Xero adds 55 UK bank data feeds
Xero is to add capability to take data feeds from 55 different UK banks into its online accounting application.
Automatic bank data links are well established in Xero’s home country of New Zealand, and one has been operating for HSBC banking customers in the UK. Now, according to Xero UK managing director Gary Turner, Xero will have links with all the main UK banks, with the exception of Barclays, which will come on stream in January.
“We launched HSBC service in May last year and now have over 1,000 customers hooked up,” said Turner. “The response has been as positive as in our other territories. The biggest feedback we’ve had is from people not on HSBC asking for their feeds to be available on Xero. That’s given us the impetus and motivation to roll this out.”
The Xero bank feed service will be expanded in stages, starting with a first wave this week. There will be no extra charge, Turner said. “You can take in feeds from different business bank accounts and credit cards and connect up with Xero in minutes.”
Automated banking is part of the second wave of Cloud innovation, he argued. The first wave saw the elimination of multiple data sets and the ability to access accounts on the web, anytime and anywhere there was a web connection. That was the “kindergarten” wave, according to Turner.
“The next wave – integration of bank feeds – means doing things that were not as easy before,” he said.