DBS, Asia’s leading SME bank , and Xero, a leading global cloud accounting platform, have today launched an API-driven bank feed integration that will transform how mutual customers in Singapore manage their finances.
This landmark collaboration allows small businesses to instantly connect their DBS business banking accounts to Xero so that their transaction data can flow securely and automatically into Xero each day. The business owner will get a reliable, up-to-date view of their financial position in Xero, empowering them to make more informed business and investment decisions, without the hassle and costly mistakes caused by outdated cash flow balances and human error.
The online integration is the first-of-its-kind in the region, as existing direct bank feed arrangements require SMEs to apply for the account integration via paper forms, and can take about 10 days to set up.
A recent survey of 150 non-Xero SMEs in Singapore by Xero found that:
· Singapore’s small business owners spend an average of 15.5 hours a month manually importing and reconciling their bank statements.
· Of these, almost a third (30%) spend between 20 and 40 hours a month manually reconciling.
· Over two thirds of small businesses (67%) cited manual bank statement reconciliation as a key challenge in managing their operations.
· Of these, 17% cited this as the single biggest financial challenge facing their business.
This initiative eliminates the need for small businesses to undertake inconvenient and time-consuming activities such as manual data entry or importing bank transactions. The technology driving this integration allows small business customers who use DBS IDEAL, DBS’s online business banking platform, to opt in to have their bank transactions imported automatically into their nominated Xero subscription every day.
Joyce Tee, DBS Group Head of SME Banking said, “We have made it a priority to reimagine banking, seamlessly interweave banking into a customer’s everyday life by being part of their eco-system and to provide SMEs with business management tools to help them grow their business. By enabling SMEs to manage their finances in a much more efficient manner, we hope that they can better manage their business and make more informed decisions.”
Ng Peng Khim, Head of Institutional Banking Group Technology & Digital Banking, DBS Bank said, “DBS has been at the forefront of providing digital solutions to our SME customers. With this seamless API-led integration between DBS IDEAL Internet Banking and Xero, we are bringing banking services much closer to our customers. This integration is one of the first of an exciting series of digital solutions we are working with Xero to bring true efficiency gains and new insights to our SME customers.”
Rod Drury, Xero CEO and Founder said, “The future of finance is steeped in collaboration between banking institutions and technology companies. This is vital to the success of small businesses, and also for the effective future operation of the financial services sector. We are working with more than 140 financial and fintech organisations around the world to establish a global financial web which securely opens up data flows that can help de-risk lending and enable small businesses to access much-needed capital so that they can prosper.”
Alex Campbell, Xero Managing Director for Asia said, “As one of the world’s recognised leading digital banks, DBS is a natural partner for Xero to collaborate with and develop game-changing solutions to the financial management challenges that small businesses face every day. The launch of direct bank feeds is a foundational first step to further innovative, technology solutions from Xero and DBS for Singapore’s small businesses.”
DBS-Xero direct bank feeds are available free to all DBS business account customers who are Xero subscribers. New Xero customers who connect their DBS business accounts to Xero will get 25% off their monthly Xero subscription fees for the next 12 months (offer details apply). New DBS customers who connect their business accounts with Xero will enjoy free GIRO and FAST transactions from 1 August to 31 Dec 2017.