Xero, the small business platform, has teamed up with open banking company Flinks to give small businesses in Canada and the US secure access to more than 20 direct bank connections and quality transaction data.
The enhanced accessibility for Xero customers to North American financial institutions is designed to assist small businesses and advisors in reclaiming time previously spent on manual data entry and reconciliation.
Flinks, boasting the largest network of financial institution partners with live direct bank API connections in North America, will deliver fresh and secure bank feeds for clients across the US and Canada. The service encompasses direct bank feeds from institutions like the National Bank of Canada and EQ Bank, as well as leading US-based banks.
Faye Pang, country manager, Canada at Xero, said: “Bank reconciliation is essential for every small business, bookkeeper and accountant, but manually entering transaction data takes precious time away from running the business and introduces room for error.
“Our partnership with a Canadian grown success story, Flinks, is just one more way we are expanding our bank feeds coverage to help provide Canadian small businesses with better visibility of their money coming in and going out.”
While Ben Richmond, country manager, US at Xero, also commented: “Xero is committed to continually improving US and Canadian bank feeds in response to customer feedback, and tackling the broader industry challenge of getting reliable banking data into accounting platforms in North America.”
Xero and Flinks say they understand the benefits of open banking and are dedicated to the implementation of solutions that make doing business easier, making the partnership seamless from both a technical and cultural perspective.
Both businesses continue to champion the benefits and role open banking will continue to play in guiding the responsible use of data and providing improved outcomes for small businesses — including reliable bank feeds.
“We strongly believe the benefits open banking will provide for consumers and businesses. This partnership is proof of that,” said Frédérick Lavoie, co-founder & COO, Flinks. “Along with our commitment to expanding our direct bank network, we are excited to work with Xero to empower businesses to take their financial operations to the next level.”