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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Digital Bank»Xero and Nedbank Develop Fully Digital API-enabled Bank Feed for Local SMEs

    Xero and Nedbank Develop Fully Digital API-enabled Bank Feed for Local SMEs

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    By Tapiwa Matthew Mutisi on January 22, 2021 Digital Bank, Partnerships, Small Businesses, SMEs, Technology in Africa

    Small businesses and their financial advisors will soon have access to a first in South Africa, a fully digital API-enabled bank feed. 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 small 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 utilizes 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. 

    Xero Account

    Related

    Accounting Platform API-enabled Bank Feed Colin Timmis innovation nedbank Partnerships small businesses SMEs South Africa Xero
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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    1. Pingback: Nedbank Launches Innovative Digital Hub for SMEs - Innovation Village | Technology, Product Reviews, Business

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