New-Zealand-based cloud accounting platform Xero has announced the imminent release of an open banking API.
The full featured API will allow banks, fintechs, and financial institutions to integrate with the platform with minimal development, the company said. As a result, data can be imported via direct bank feeds, allowing for near real-time reconciliation in Xero.
The announcement is being pitched squarely at financial companies. Xero noted the benefits they’ll get from using the API, including the ability to provide new experiences beyond just transactions, to lending, payments, and foreign exchange.
The company gave the examples of invoice financing lenders collecting funds on behalf of customers now being able to offer business customers the opportunity to keep track of their loan by syncing repayments and reconciling them in Xero; and foreign exchange providers syncing transactions and balances from accounts into Xero. The company currently has 1.4 million subscribers and an ecosystem which allows platform users to integrate with more than 700 apps.
Credit: Xero press release
- Moneybox app announces Open Banking merger with Santander
- Experian offers its Affordability Passport to debt charities and lenders for free in response to the Coronavirus outbreak
- Truelayer offers free access to coronavirus helpers
- New coronavirus fintech taskforce offers their support to SMEs
- UK SMEs wedded to legacy banks, while Europeans eye challengers