The first step in the partnership is connecting SMEs’ bank accounts with Xero’s online accounting software. This will allow SME customers to access in real-time, a consolidated view of their financial accounts, including cash in the bank, from any device, anytime in the day. The integration in data on one portal will enable business owners to make smarter investment and management decisions. This seamless connection is the first-of-its-kind in Asia and will be available in 2017.
Another aspect of the collaboration will see DBS and Xero working together, capitalising on APIs, to make business-to-business payments easier. Ultimately, the aim is to enable a DBS-Xero customer to access capital more efficiently. With the partnership, SMEs can grant banks access to their real-time financial data, which will provide a richer financial picture of their business. The integration aims to remove much of the administrative burden for SMEs when they apply for bank loans.
“With this strategic partnership, we are empowering our SME clients to make better business decisions by making cash flow management transparent and simple. In addition, as the bank will have better access to the SMEs’ financial data, the application process for bank loans will be further streamlined and simplified. This ties back to our vision of reimagining banking to make banking joyful,” said Joyce Tee, Group Head of SME Banking, DBS.
“Xero is in the unique and privileged position of being able to understand our subscribers’ needs to grow and thrive,” said Rod Drury, CEO and Founder of Xero. “We’re delighted to connect SMEs and a leading local financial institution like DBS. DBS, together with Xero, has the potential to connect more small businesses to the financial services they need and empower them to run their businesses even more efficiently.”
“At Xero, we are passionate about helping SMEs to be successful and we are excited to partner with DBS as the world’s leading digital bank,” said Alex Campbell, Managing Director of Xero Asia. “Bank feeds lay the foundation of the financial web, which comprises a network of trusted organisations sharing financial data securely with the purpose of making doing business easier for SMEs. It enables small business owners, working in the cloud, to do their bank reconciliations on their mobile phone while travelling into work, or capture a daily view of their cash flow – thus, ending the monthly stress of catch-up when consolidated bank statements come through. As simple as this sounds, it fundamentally changes how a business can operate – anytime, from any device with insights – to help them make decisions on the fly,” said Campbell.