Xero’s UK MD and Co-Founder Gary Turner:
“The CMA instruction today for banks to provide digital access to customer transaction data is excellent news for small businesses.
We have been lobbying British banks for years, with some success latterly it should be said, to provide digital connections between banks and online accounting software products such as Xero.
These digital banking connections, often referred to as Bank Feeds, are a vital service to SMBs who often struggle to manage their cash flow properly, and critically also enable SMBs to maintain a better quality of financial record keeping, which in turn makes it easier for them to access the lending and capital from the banks they often require.
While UK banks have made progress in this areas in the last two years, Barclays, RBS, Natwest, HSBC, Metro Bank, Santander all provide Xero customers with daily digital bank feeds. However, the customer experience could be so much better and easier.
The CMA’s call to open up banking data via Open Banking APIs (Application Programming Interface) is therefore excellent news and we welcome it.”