Xero has unveiled a partnership with Flinks, a renowned player in the open banking space. This collaboration aims to provide Xero customers with secure access to a vast network of over 20 direct bank connections, significantly reducing the burden of manual data entry and reconciliation.
Open Banking Innovation
Flinks, boasting the largest network of financial institution partners with live direct bank API connections in North America, will facilitate seamless and secure high-quality bank feeds for Xero customers. Notable institutions included in this expanded access are the National Bank of Canada, EQ Bank, and various U.S.-based banks. Both Xero and Flinks share a commitment to harnessing the advantages of open banking, emphasizing the responsible use of data to enhance outcomes for small businesses, ultimately championing the efficiency and reliability of bank feeds.
“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,” said Faye Pang, Country Manager, Canada at Xero. “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.”
“Seamlessly getting data into the Xero platform is very important for small business success,” said Ben Richmond, Country Manager, United States at Xero. “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.”
“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.”
As new banks enter the market or improve their bank feeds, and Flinks makes new API feeds available, the partnership means Xero’s customers can benefit from these faster than ever.
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
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