In what they call a “first for the banking sector” in SA, the direct feed enables small businesses and their advisors to have their banking transactions automatically imported directly and securely from their Nedbank business accounts into their Xero cloud accounting platform, eliminating the need for third-parties and reducing the time spent manually importing financial data.
It enables business clients to reconcile statements; create smart, shareable reports, online invoices and bank statements; and allows them to review their cash flow in real-time from anywhere.
According to the companies, this bank feed, which will go live in the next few weeks, is different from those already available in SA because it uses an online connection process, allowing clients to seamlessly connect their Nedbank accounts to Xero.
Nedbank similarly has enabled the integration through its API Marketplace, which was launched in 2018 with a core set of offerings, including the Accounts API and OAuth security pattern (a security standard), which has been integral in the integration between Xero and Nedbank.
Once the new feed is live, small businesses will be able to connect the direct feed through their Xero account.
The feed will be free of charge to all Nedbank small business customers with a Xero account.
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