Xero, a global platform for small businesses, has announced the start of a partnership with Flinks, an open banking company.
As a result of the cooperation of the mentioned firms, small businesses will receive expanded access to banking data. Relevant services will be provided to clients in Canada and the United States. Small businesses will have access to more than 20 direct banking connections and high-quality transaction data. The relevant information is contained in the press release of the companies, which was published last Monday, December 18.
In this case, an extensive network of Flinks’ partners from financial institutions will be used. Xero customers will have access to simplified banking channels. In this case, procedural advantages such as time savings and a high level of accuracy of bank transactions will be provided.
The companies’ press release notes that traditional manual data entry and reconciliation were time-consuming tasks. In this context, special attention is drawn to the fact that the mentioned procedures force to spend time solving secondary tasks that can be simplified and automated to increase focus on the main goals.
Thanks to Flinks’ connections to the direct Banking Application Programming Interface (API), Xero customers now can automate the mentioned processes. In this case, consumers will save time and reduce the risk of errors in their reports.
Flinks’ network of financial institution partners in North America ensures that Xero customers can access a wide range of direct banking channels. The corresponding statement is contained in the press release of the companies. In this case, the partner network includes such large organizations as the National Bank of Canada, EQ Bank, and various financial institutions that are based in the United States.
Also, the cooperation of the two companies will provide small businesses in North America with better visibility of the receipt and withdrawal of their money. This advantage will be provided due to the improved coverage of banking channels. This is highlighted in the companies’ press release.
Xero is committed to improving banking channels in response to customer feedback and wants to solve the industry-wide task of obtaining reliable information related to operations in the banking sphere in North America.
As new financial institutions enter the market and their channels improve, the Xero and Flinks partnership ensures that customers have access to industry updates.
Special studies show that a business using open banking technology can perform more functions with fewer employees and even master new spheres of activity. The specified technology frees up data for use in ways that ensure security, flexibility, and transparency.
Faye Pang, Xero’s regional manager in Canada, said the partnership with Flinks is another way to expand the reach of banking channels to help small businesses see how their money comes and goes.
Ben Richmond, Xero’s regional manager in the United States, says that seamless data entry into the company’s platform is very important for the success of small firms.
As we have reported earlier, First Bank Launches Backbase’s Engagement Banking Platform.
