Allica Bank – the digital relationship bank especially for established businesses with 10 or more employees – has announced partnerships with leading accounting software platforms Sage and Xero.
The direct integrations will mean Allica Bank business current account customers that use Sage and Xero can have their account transactions fed through automatically to their accounting software. By sharing this data (including amount, date, time, direction, reference and merchant information) it can save business owners and their accountants significant amounts of time, reduces manual work and the potential for error.
The link-up comes after a busy period of growth for Allica Bank’s flagship business current account, which has been designed specifically to serve the needs of businesses with between 10 and 250 employees. Alongside no monthly fees, cashback, and competitive savings rates, it also offers its customers the support of a dedicated relationship manager.
In December 2023, Allica Bank shared that 2,000 customers had already signed up to its business current account. In the same month it was also revealed that Allica Bank had been named the fastest-growing company of 2023 in the Deloitte UK Fast 50 Awards, which also made it the fastest-growing fintech in the UK ever. Earlier this month, it announced it had successfully completed £2 billion of business lending since March 2020.
Allica Bank’s Head of Partnerships Sophie Hossack said, “Allica Bank is incredibly excited to launch our direct integrations with Sage and Xero. By partnering with these leading accounting software companies, we are helping more established businesses in the UK to save time and access their financial information. Using these insights, business owners and their accountants can make the most of their finances, finding opportunities to grow and succeed. We’re proud to be partnering with Sage and Xero and look forward to working closely with them.”
Christopher Grieves, Head of Product Management Marketing, Sage, said, “This collaboration marks a step forward in one of our key missions, to simplify business accounting. The integration this partnership brings between Allica Bank and Sage’s accounting platforms will help streamline our mutual customers’ operations, minimise manual errors and in turn save valuable time for business owners.”
Jon Bellamy, Strategic Partnerships Manager at Xero, said, “This integration will provide Xero and Allica Bank customers and their accountants with greater control, visibility and security over their financial data. It will also save business owners and their advisers a significant amount of time each month. It’s fantastic to partner with Allica Bank to support our shared customer base as they look to get more from their banking.”