Xero partners with Nedbank to launch digital direct API enabled bank feed for South African customers
By Pavithra R
Xero, a New Zealand domiciled public technology company has announced partnering with Nedbank, a leading bank in South Africa, to launch South Africa’s first fully digital direct API enabled bank feed.
Small and medium enterprises (MSMEs) are the backbone of South Africa’s economy. Bank feeds are one of the greatest innovations in accounting, and their impact for small businesses has been incredible in recent years, reducing data entry and giving stronger visibility and control over finances. The new feed will go live soon and give small businesses and their advisors with access to daily financial data, helping them to better manage cash flow.
The new feed uses a fully digital connection process. Once live, SMBs and their advisors will be able to connect their Nedbank account to Xero seamlessly and import banking transactions automatically and securely from their account each business day. Businesses and advisors can reconcile statements; create smart, shareable reports and online invoices; and review their cash flow from anywhere enabling SMBs to make informed decisions during this critical time.
“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,” said Alan Shannon, Nedbank Executive: Professional and Small-business Banking Client Engagement.
According to Xero, SMB owners increasingly see the benefit in digitising processes. Their State of South African Small Business research reveals a 50% increase in cloud adoption amongst SMEs over the last three years, and 70% want tech to help remove repetitive, manual tasks. The pandemic and remote working will only accelerate this drive.
The new bank feed will be available to Nedbank small business customers, with a Xero account, at no additional cost.
IBSi Daily News Analysis
January 27, 2023
Embedded finance, Web3 to trigger FinTech investment in 2023 amid looming recessionRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage