Yesterday, Xero announced the launch of its open banking API, empowering and enabling banks, fintechs and financial institutions to connect to the accounting platform and provide bank feeds faster than ever before. Along with this announcement, Xero announced its partnership with Neat.
We will be the first company in Hong Kong to be integrating with Xero’s new API. With the open API, banks and fintechs can now quickly and securely integrate with Xero with minimal development. As a result, automated and high integrity data can be imported via direct bank feeds, allowing for faster reconciliation in Xero.
This means that Neat Business customers will soon be able to connect their Neat Business account to Xero and have data flow into Xero automatically. As a result, you will be able to reduce time spent on accounting and reconciliation.
Speaking at the Asia Roadshow in Hong Kong, Xero’s Regional Director - Asia, Kevin Fitzgerald said, “Xero’s open banking API will facilitate a shorter development time for direct bank to Xero connection. This will enhance the speed of banking innovation, ultimately paving the way for a new age of customer intimacy for the banking and financial services sector.”
David Rosa, Co-founder & CEO of Neat said, “Hong Kong has a thriving start-up ecosystem and our company is committed to further accelerating the ease of doing business for SMEs that want to put down roots in this market and expand globally. Xero’s platform presented the perfect opportunity for us to achieve this and we’re delighted to be partnering with a company that shares our vision for enabling Hong Kong start-ups to succeed.”
“This strategic partnership will be a game changer for small businesses. SME owners will now be able to easily and securely understand their financial position, allowing them to improve cash flow, get paid and make payments quicker, and access credit when it is needed,” added Fitzgerald.