We chose Xero as our preferred platform for a few reasons, but one main positive was that they had (at the time, or so we thought) the best ofering for bank integrations. We dont want to mess about with Yodlee and are only interested in direct feeds. Initially this was because a major high street bank confirmed to us that use of Yodlee broke their online banking terms (this issue less important following open banking) and subsequently because the system was reported as unreliable by other accountants.
It was obviously a bit of a pain (understatement) that Lloyds/HBOS feeds were not available. Xero have been assuring us for at least two years that those were "coming soon".
When QBOL obtained direct feeds (seems ages ago - a year or so) I raised this with Xero who repeated their claim to be 'nearly there' and gave me some excuse about they could have the feeds now but that would be under the old authorisation structure and they wanted to get the new (open banking presumably) authorisations in place rather than have to 'move' customers leate. This seemed like a bit of a cop out to me and the length of time it's taken appears to confirm this.
This morning, i have an email from FreeAgent announcing that they will be releasing direct feeds, under open banking, with ALL of the CMA9 banks - basically the entire high street, including the Xero-elusive Lloyds and it appears to me that (as of this moment) they have the best direct feed bank ofering out of all of the cloud bookkeeping packages.
Were Xero really the frontrunners of this and have now fallen to last (or at best, third) place? Or did we fall for some misleading advertising on their 'market leading innovation'?