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First Yodlee feeds have arrived

32 comments

Published in Business on 1 November 2010 by

Automated bank feeds are one of the joys of using Xero – with no manual imports to worry about, bank transactions are automatically brought into Xero for you to reconcile.

With our first release of Yodlee integrated bank feeds, we can now offer automated feeds for even more banks in Australia – and these feeds will be even easier to set up. With no forms to fill out, you’ll be up and running in minutes.

Here’s a list of the additional banks and financial institutions from which bank feeds will be possible into Xero from today:

  • St. George Bank
  • Bank of Queensland
  • BankSA
  • Suncorp
  • BankWest
  • Macquarie Bank

Over the next few weeks we’ll be adding support for literally thousands of banks across Australia, the UK, Canada and the US.

Check out this video to see how easy it is to set up one of the new bank feeds.

We hope you find adding bank feeds really easy.  We’ve worked hard to hide the significant complexity behind the scenes to make these feeds as reliable and secure as we can.  These new feeds use our secure banking integration environment, already approved for use by some of the largest banks in the region for direct bank feeds.

To learn more about how Yodlee works read one of our earlier posts. We are also releasing a new notifications inbox that provides an easy and convenient way to receive updates of any important changes in the status of your bank feeds.

Be sure to read our release notes for more details on the new feeds and a couple of other features we’ve added.

 

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32 comments

Carl
2 November 2010 #

Congratulations! Awesome work

James R
2 November 2010 #

That’s not really fair. I already have bank feeds through CBA so I don’t get to try out this new feature. I like it how the best features always seem so simple. Nice design work.

Anton Gerner
2 November 2010 #

Awesome Xero ! Well done guys !

Andrew Haynes
2 November 2010 #

Hooray! Looking forward to setting up some Macquarie feeds today :)

Mark
2 November 2010 #

Any idea when this will make it into Personal?

SaasFan
2 November 2010 #

What about automatic feeds for credit cards?

A Big Day for Xero – First Automated Bank Feeds (Australia) « Totally 4 Business
2 November 2010 #

[...] is Xero’s own blog “First Yodlee Feeds have Arrived” which includes a short video of how it all [...]

Kim
2 November 2010 #

I’m not sure I’m comfortable giving Xero my internet banking login details. This is a serious security risk. What protections do we have?

Kim

GH
2 November 2010 #

Unfortunately doesn’t work for me. My Westpac bank still shows “get bank feeds” which takes you to download the form. I sent the form well over a month ago. So I can’t get old or new system! RaboDirect also not working, nor NAB credit cards, nor Ubank, nor Aussie Credit Cards. I’m so out of luck!

Ben Kepes
2 November 2010 #

@Kim, this is no different from you manually signing an authorisation form to allow Xero to get your bank transactions automatically. Bank integration is the secret sauce that products such as Mint and Xero offer customers – if you don’t feel comfortable with it there is no compulsion – just carry on doing manual export/imports of your bank records…

Alison
2 November 2010 #

Looks great, will be able to set up my St George feed. However I’d really like to get my NAB feed going into my personal account – any idea when you’ll be able to offer that?

Andrew Tokeley
2 November 2010 #

@Kim – you can be assured that Xero has gone to great lengths to ensure the security around these new automated bank feeds. Xero itself does not store any of your internet banking credentials. These are securely held only by Yodlee to enable their automated data gathering services- more information about how this works is here. Yodlee are a major provider of online banking solutions with more than 100 leading financial institutions and portals using Yodlee-powered solutions, serving millions of customers worldwide. Of course it is up to you to decide if you wish to activate the new feeds, but we are confident that we have done everything we can to ensure these maintain Xero’s very high security standards.

Andrew Tokeley
2 November 2010 #

@Alison – if by “personal account” you mean Xero Personal – it is certainly something we are considering. We are keen to establish Yodlee feeds in Xero Business first – we’ve started with selected Australia banks and will be adding heaps of other banks over the next few months. Once this is bedded done we’ll look to add support into Personal aswell – lots of exciting possibilities.

If you actually meant getting NAB feeds in Xero business, this is already possible but you will have to send in an authority form instead as it’s not a Yodlee feed. The end result is the same though – feeds will flow through automatically.

Andrew Tokeley
2 November 2010 #

@SaasFan – it’s certainly something we’re considering but will have more information over the next few weeks. Stay tuned.

Andrew Tokeley
2 November 2010 #

@Mark – we’re working through getting Yodlee integrated fully into Xero Business first, after that we’ll be considering what sort of integration we can do with Personal.

Andrew Haynes
2 November 2010 #

@Kim I have to admit I feel a little bit off putting my internet banking credentials into a third party system. If I was really concerned I would contact my financial institution to arrange a read-only login and password… and then use that.

Andrew Tokeley
2 November 2010 #

@GH – that’s no good. Turn around for authority forms should be quicker than that. If you haven’t already please contact us at support@xero.com. They’ll be able to sort you out. We’ll be updating the supported feeds over the next few weeks (I sound like a broken record!) so keep an eye on the blog for updates – hopefully the other banks you’re after won’t be too far away.

Anton Gerner
2 November 2010 #

I’ve got Suncorp feeds working for 4 different accounts. Thanks for helping me out today !

Wayne
3 November 2010 #

Another vote for it feeds to go into the personal version. It would make much easier than mucking about with various files. It seems most software, other than Yodlee, that are aimed at personal finance dont have this feature, and so its addition would be a big selling point for Xero.

Tim
3 November 2010 #

Good decision Xero not to hold onto the passwords. But agree that securitywise this is not perfect, because it doesn’t by default follow least-necessary privilege. Yodlee should have read-only access to account data, but if you give it real credentials you allow it to really impersonate you and authorize transactions (if someday something goes wrong). The other slightly sad part of the story is that Yodlee works best with banks who have weak security – such that single username and password is enough to log in. But well, that is most banks!

For worried individuals: Andrew Hayne’s suggestion of getting username and password that has read-only access from your bank is a really great idea. Please try it before you start setting up Yodlee! Hopefully your bank can accomodate.

John Williams
3 November 2010 #

Bendigo Bank seems to be a notable absentee from the list. Am I missing something here? Is there any plans for Bendigo? Thanks John

Andrew Haynes
3 November 2010 #

Yodlee feed now working for my client’s Macquarie account, very happy!

Alastair Grigg
5 November 2010 #

Hi John, Bendigo Bank require multi factor authentication (MFA) for accessing Internet Banking, so this will be available when we release support for MFA early in 2011.

Adam Ramage
19 November 2010 #

I am disappointed after entering into a discussion regarding Bankwest business accounts and Banklink, that I was told that feeds would be live, yet they are not. Come on people, I now have to go back to a client with a less than optimal discussion!

Alastair Grigg
19 November 2010 #

Hi Adam,
Apologies for the delay on Bankwest Business accounts. But both Bankwest Business and BankSA Business will be released as ‘beta’ sites in our next release, due out within the next 2 weeks. As a beta site it will take up to 15 days for activated account feeds to commence, but we expect these to be all fully operational before Xmas.

Nigel
26 November 2010 #

Hello,

When do you expect to go live with UK banks?

My bank (Co-op) has recently introduced little keypad tokens which generate a one time code each login. Will that mess Yodlee up?

Thank you.

Alastair Grigg
27 November 2010 #

Hi Nigel,
We’re going to release feeds for a lot of UK banks within the next few days. Unfortunately this won’t include the banks that require multi-factor authentication (MFA), like your one time password token, for Internet Banking login. We’re working on providing support for MFA banks and hope to release this early in the new year. Sorry for the delay but we wanted to get at least this first wave of banks out as fast as we could.

Andrew Haynes
30 November 2010 #

How close is the second release for Australia? I’ve got a client who’s just opened an account with the Newcastle Permanent Building Society and I’d like to set a feed up as soon as possible.

Andrew Tokeley
30 November 2010 #

@Andrew – nice timing. An hour ago we enabled a number of other Australian feeds including Newcastle Permanent Building Society. You should see an “Activate Feeds” button on your dashboard. Go for it.

Andrew Haynes
2 December 2010 #

Thanks Andrew :)

Clare Gleeson
29 August 2011 #

Hi

Were having trouble feeding our newcastle building society permanent bank feed into our xero account. Do we do this all through the dashboard or is there something we need to set up with our bank?

Abby Farmer
29 August 2011 #

Hello,
I am also trying to add my bank feed using the Newcastle Permanent Building Society. I clicked on ‘Activate Feeds’ and entered the relevant access info and it has taken over a week and still hasn’t activated. Do I need to authorise the feed with the Newcastle Permanent as well as with Xero?

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