Sasfin Bank, Xero to provide direct bank feeds for SMEs

Financial service group, Sasfin Bank has partnered with online accounting software provider, Xero to aid SMEs through SA’s first direct bank feed.

Any Sasfin Bank customer using Xero will have the ability to automatically import as well as categorise any bank statements. This saves businesses time by removing the need to make manual uploads and downloads, allowing better visibility of their cash flow.

“Sasfin Bank is proud to be the first South African bank to offer direct feed integration into Xero. Our innovative banking platform is significantly enhanced by the Xero functionality,” said executive director at Sasfin, Michael Sassoon in a press statement to Ventureburn.

“It offers businesses the ability to transact in real time, manage their cash flows effectively and earn interest on account balances. Ultimately, this integration will allow SMEs access to technology that will enhance their business growth,” he continued.

Sasfin in partnership with Xero will aim to assist SMEs through their direct banking feed

Using the Xero app, SMEs will have all their financial data at their fingertips with the ability to reconcile any accounts as well as create smart reports and invoices. SMEs will also have the ability to manage and access their data in real time.

“A vibrant and successful small businesses community will be key to South Africa’s economic recovery but many struggle to manage their cash flow effectively,” said MD for Xero’s operations across EMEA, Gary Turner.

“This partnership with Sasfin Bank will help thousands small businesses take control of their finances and provide them with the means to not just survive, but also prosper,” he concluded.

Featured image: Humiksk via Flickr