We’re proud of the fact that Xero was the very first to introduce the UK to the concept of automated bank feeds with our data supply agreement with HSBC back in April 2009.
We followed this up in November 2010 with another first for UK with the introduction of aggregated bank feeds via our partnership with Yodlee which added around another hundred UK bank and credit card feeds.
Today thanks to bank feeds in Xero, daily bank statement updates from more than 100,000 UK bank and credit card accounts save our customers countless hours of manual data entry and more importantly, provide a real-time daily view of their business finances and cash flow.
It’s safe to say that bank feeds have been a game-changer in the UK. In fact there are hardly any accounting software products in the UK that don’t now offer bank feeds today.
Where we are today
Back in 2010 at a time when most UK banks didn’t have the internal infrastructure to offer direct bank feeds, aggregated feeds were the only practical solution available in the UK. Which is why we launched Yodee aggregated feeds alongside our direct feed with HSBC, and why the aggregated bank feed approach was also eventually adopted by Sage, Quickbooks Online, FreeAgent, Kashflow and pretty much every accounting software vendor in the UK.
Aggregated bank feeds were particularly popular in the UK because bank coverage through service providers like Yodlee was so broad, aggregated feeds are generally free and easy to setup however owing to the way the technology works they can occasionally require more housekeeping and maintenance than direct feeds.
So, for the last two years we’ve been working behind the scenes with the UK’s banking community to secure direct data supply agreements with with as many of them as possible.
Firstly, to give our customers a choice between using an aggregated feed or a direct feed, but also because direct bank feed technology prepares the ground for the next phase of deeper integration between accounting software and banks as we begin to realise our Financial Web vision for the UK.
And so today we’re particularly chuffed to announce today that after reaching agreement with Barclays Bank earlier this year, our new direct bank feed service for Barclays customers is now fully online and available for all UK customers.
Leading the next phase of the UK’s bank feed revolution
Today’s announcement brings the total number of UK direct bank feed supply agreements available with Xero to a market leading seven; with direct supply agreement contracts now in place with Barclays, HSBC, NatWest, RBS, Metro Bank, Santander and the tech startup favourite, Silicon Valley Bank.
Customers tell us that bank feeds have had a transformational impact since their introduction seven years ago. And having now secured direct technical partnerships with the majority of the UK’s banking industry, we’re committed to delivering even more innovation and value in our quest to bring banking right to the heart of small business accounting.