With its still-growing momentum, the financial web has proven itself as a game-changing force – giving small businesses real-time access to more accurate business insights and a broad range of financial services. And, just as importantly, people have shifted their expectations.
Now, because of Xero, small businesses and their advisors expect bank feeds as a standard feature from their bank – and they expect them in real-time, anywhere, on any device. That in itself is exciting: it puts us on the path to being a more informed, competitive and connected economy that is not afraid to push at the boundaries of technology to raise standards.
That same push was alive and well back in 2009 when Xero pioneered daily bank feed reconciliation in Australia. Fast forward to today, and more than 90 percent of Australian small businesses are able to connect a daily bank feed to their Xero subscription if they join today. That’s why we’ve released a Bank Feed landing page, which provides our customers with a centralised source of the latest bank feed information.
Unlocking access across the industry
As the volume of financial web connections proliferate, so too does the scope of our bank feeds. Xero will soon have access to daily direct feeds for some 100 financial institutions in Australia, meaning we’ll be connected to 98 percent of the banks that Aussie small businesses prefer to bank with.
That number includes 43 regional and industry credit unions that will soon connect to Xero – ensuring that small businesses in regional areas have the same access to high-quality data, insights and capital flow as their city-dwelling counterparts.
It doesn’t stop there. The way we see it, once an organisation connects to us, the conversation has just begun. We strive to work closely with different institutions to improve banking processes for small businesses and their accountants even further.
The blueprint for small business accounting
Australian small businesses have a right to feel excited. They are at the forefront of cloud accounting. The Australian market has set the standard for small business accounting globally. From Barclays and HSBC in the UK, to the biggest small business bank in the USA, Wells Fargo, Xero offers bank feed account coverage to millions of small business customers.
It’s a beautiful thing to witness; to see our diverse community of small businesses and advisors, traditionally restricted by the weight of late-paid invoices, be in the position of power to strengthen their finances, make smarter decisions and access capital quickly – all by connecting to a system that’s bigger than us all.
You can get more information on bank feeds here.