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Small businesses and their financial advisors will soon have access to a first in South Africa, a fully digital API-enabled bank feed.
Xero and Nedbank develop fully digital API-enabled bank feed for local SMEs
Developed by Xero, the global accounting platform in partnership with Nedbank, a South African bank. The new and innovative feature will be available to Nedbank small business clients with a Xero account and will reportedly be free of charge.
Colin Timmis, Xero South Africa Country Manager comments on the importance of supporting small businesses with the new feature launching soon.
“Now more than ever we need to work together to support the small-business community, which forms the backbone of our economy. Bank feeds are one of the greatest innovations in accounting, and their impact for smon businesses in other markets has been incredible – reducing the amount of data entry and giving them better visibility and control over finances. Xero has been at the forefront of bank feeds for the past decade, so we’re delighted to be working with one of the country’s biggest banks – Nedbank – to bring this first-of-its-kind fully digital bank feed to small businesses across South Africa.”
The new digital bank feed
The new feed will allow small businesses and their advisors to import their banking transactions automatically and securely directly from Nedbank.
Compared to other bank feeds available in South Africa, the newly developed technology utilises an online connection process that allows clients to seamlessly connect their Nedbank account to Xero.
The bank feed has the following functions for SMEs:
- Reconcile statements
- Create smart and shareable reports
- Create online invoices
- Review cash flow.
With immediate access to this service, clients can access this at any time.
With this new feature, businesses are provided with crucial up-to-date data that can assist them in improving their business model and make informed decisions.
Small businesses can access the feed via their Xero account.
Featured image: Austin Distel via Unsplash