New API Service to Enable SMEs (KMUs) to Access Services from Leading Fintechsby Fintechnews Switzerland November 15, 2018
Xero, today unveiled major initial success of its new, full-featured API for bank feeds, with five leading fintech integrations Tide, Starling, TransferWise, Revolut and Soldo – that give small businesses in the UK access to more financial information, faster than ever, and at no extra cost from their accounting dashboard.
Whether it’s digital accounts like Tide, digital banks like Starling, foreign exchange platforms like TransferWise and Revolut, or an expense management platform like Soldo, small businesses and their advisors can now choose to integrate their financial data directly into Xero with no additional fees for ease of use from a growing list of fintech service providers.
Xero has also now been granted Account Information Service Provider (AISP) status by the UK Financial Conduct Authority, enabling the company to take advantage of Open Banking in the UK.
Coupled with the bank feeds API, Xero is well placed to ensure full market coverage of bank feeds, while ensuring small businesses aren’t burdened with any additional fees.
The new integrations build on the existing connections Xero has to more than 180 financial institutions globally – including HSBC, Santander, Barclays, Natwest.
The integrations with Xero will provide new experiences and capabilities for small businesses on Xero through payments, transactions, foreign exchange, expenses and more. They include:
A digital banking service for small businesses and sole traders. The integration with Xero will save businesses and their advisors time typically spent manually reconciling transactions.
The UK’s mobile-only bank, offering current accounts that connect to its Marketplace, the financial hub for customers to access financial products and services, such as Xero.
TransferWise is a new kind of financial company for people and businesses that travel, live and work internationally. Over four million people and businesses use TransferWise to transfer over £3 billion every month, saving themselves over £3 million every day.
Revolut provide Personal and Business accounts to over 3 million users, for holding, exchanging, sending and spending funds without terrible fees.
Soldo is a multi-user expense account that gives businesses complete control of company spending and automates the entire expense management process.
Featured image credit: Edited from Freepik