We know the insights you get out of Xero are only as good as the data that goes in. That’s why we’re committed to improving both the number and quality of bank feeds across Canada and the US. It’s something we promised you we would focus on, and we’re excited to share that we’ve made some great progress.
Today, we’ve announced a new partnership with Flinks, which will give you access to more than 20 high-quality bank feeds in Xero. These include, but are not limited to, direct bank feeds with the National Bank of Canada and EQ Bank, as well as several US-based banks.
Our friends at Flinks are as committed to championing the benefits of open banking as we are. Together, we’re excited about the opportunity to empower you and your clients to achieve your financial goals, while staying in control of your banking data.
Partnerships like this are so important to our team — it means that instead of connecting to thousands of banks and other financial institutions across Canada and the US individually, we can have a small number of trusted partnerships that provide us with access to secure and reliable bank feeds.
The best news? As Flinks connects to more banks with direct API connections, you’ll get access to those bank feeds once they’re available. This means you’ll spend less time on manual data entry and reconciliation, while having an up-to-date view of your finances.
If you haven’t set up a bank feed in Xero, it’s really easy (just make sure you have online banking set up first). All you need to do is go into Xero and search the list of banks to see if they offer a bank feed. Then log into your bank account and confirm the connection.
Customers have told us that using our bank feeds and reconciliation tools save them up to five and a half hours a week. So it’s a huge time saver. Don’t forget, you can also get banking data into Xero by uploading bank transactions manually, or using our bank statement extraction tool in Hubdoc.
We can’t wait to hear what you think about our new bank feeds in Xero. As always, feel free to share your thoughts over at Xero Product Ideas. We have big plans and this is just the beginning of our work to help you get better data into Xero, and better insights out.