Xero and Flinks Partner to Enhance Banking Data Access

Xero, a global small business platform, has partnered with Flinks, an open banking firm, to enhance banking data access for small businesses.

This collaboration aims to provide small businesses in Canada and the United States with secure access to more than 20 direct bank connections and high-quality transaction data, the companies said in a Monday (Dec. 18) press release.

By leveraging Flinks’ extensive network of financial institution partners, Xero customers can now enjoy streamlined bank feeds, saving time and improving the accuracy of their banking transactions, according to the release.

Previously, manual data entry and reconciliation were time-consuming tasks that diverted attention from core business operations, the release said.

With Flinks’ direct bank application programming interface (API) connections, Xero customers can now automate these processes, allowing them to recoup time and reduce the risk of errors in their financial records, per the release.

Flinks’ network of financial institution partners in North America ensures that Xero customers have access to a wide range of direct bank feeds, according to the release. This includes prominent institutions such as the National Bank of Canada, EQ Bank and various U.S.-based banks.

This partnership will also provide small businesses in Canada and the U.S. with better visibility of their money coming in and going out, thanks to the improved bank feeds coverage, the release said.

Xero is committed to improving bank feeds in response to customer feedback and addressing the industry-wide challenge of obtaining reliable banking data in North America, the release said.

As new banks enter the market or enhance their bank feeds, Xero’s partnership with Flinks ensures that its customers can benefit from these updates, per the release.

PYMNTS Intelligence has found that enterprises using open banking technology can execute more functions with fewer employees and possibly even branch out into new business areas.

Open banking frees data to be leveraged in ways that offer flexibility, transparency and security, according to “The Guide to Open Banking: What Enterprise Customers Need to Know Now,” a collaborative report by PYMNTS and The Bank of London.