The new feed will launch in the coming weeks and is designed to give small businesses access to daily financial data in Xero, helping them to manage their cashflow better.
In a first for South Africa’s banking sector, Xero, the global accounting platform, and Nedbank, one of South Africa’s leading banks, have partnered to give small businesses and their advisors financial data through a fully digital API-enabled bank feed. The new feed will go live soon and will be available to Nedbank small business clients with a Xero account, at no additional cost. Once live, small businesses will be able to connect the feed from their Xero account.
This fully digital bank feed will mean that small businesses and their advisors can import their banking transactions automatically and securely, directly from Nedbank into their Xero organisation. This bank feed is different from those already available in South Africa because it uses an online connection process, allowing clients to connect their Nedbank accounts to Xero seamlessly.
Businesses and advisors will be able to reconcile statements; create smart, shareable reports and online invoices; and review cashflow from anywhere. This will significantly reduce the time spent manually importing data, and give small businesses an up-to-date view of cashflow, helping them better understand business performance so they can make informed business decisions during these critical times.
Colin Timmis, Xero South Africa Country Manager, said: ‘Now more than ever we need to work together to support the small-business community, which forms the backbone of our economy. Bank feeds are one of the greatest innovations in accounting, and their impact for small businesses in other markets has been incredible – reducing the amount of data entry and giving them better visibility and control over finances.’
‘Xero has been at the forefront of bank feeds for the past decade, so we’re delighted to be working with one of the country’s biggest banks – Nedbank – to bring this first-of-its-kind fully digital bank feed to small businesses across South Africa.’
Alan Shannon, Nedbank Executive Client Engagement: Professional and Small Business Banking, said: ‘As a bank for small business, we’re mindful that entrepreneurs are still dealing with one of the most challenging periods in our history as a result of the COVID-19 pandemic. This called on us to support small and medium enterprises (SMEs) through various initiatives, including extending payment holidays as well as dispersing funds on behalf of the South African Future Trust and partnering with government to deliver the COVID-19 SME loan scheme.’
‘As we adapt to the new normal, our support for small business is unwavering and our partnership with Xero is another way in which we vote small business by providing them with the tools needed to recover their edge.’
The new Nedbank feed has been built to Xero’s API. Xero launched its Bank Feeds API in 2018, allowing banks to respond to customer needs nimbly by building connections to Xero. This partnership builds on Xero’s global leadership in direct bank feeds over the past decade. Xero has bank feeds with major financial providers across the world, including NatWest, Wells Fargo, Barclays and Westpac.
Once the new feed is live, small businesses will be able to connect the direct feed through their Xero account. The feed will be free of charge to all Nedbank small business clients with a Xero account. Find out more about Xero’s benefits and bank feeds here. We will share more once the feed goes live soon.