Popular accounting provider Xero has announced a new API functionality that will be useful to scores of marketplace merchants. Their new API will specifically connect more effectively with banks to offer real-time information and updates via the app.
In the past, they say that banks haven’t been able to provide them with information swiftly enough and this new development will address that and help SMEs make payments and undertake their accounting.
This is a platform play and it’s about scalability. We will no longer be constrained by how fast we can build a bank feed. They can not only connect our API to invoice solutions or pay bills, they can create new feeds required around bank accounts, and it lets the banks work to provide what their customers are asking for,
– Ben Styles, Financial Services Product General Manager, Xero
Apparently, Xero already has 180 partnerships with all sorts of financial institutions worldwide including Wells Fargo and Barclays bank. And indeed this year National Australia Bank also announced an expansion of its existing integration with Xero too. The new development will help them expand further, and probably quite quickly, maybe as many as 40 new partners will be coming online very soon, they say. Although there are no details, as yet, as to who the new partners will be.
This new API information was one of several new products announced by the cloud accounting company at their recent conference in the United States called Xerocon. It seems that an increasing number of marketplace merchants are using Xero to administer their sales and businesses. And you might very well be one of them.
Specifically, it looks like they have very effective integration systems with marketplaces and this API development is a similar endeavour in that direction. Let us know what you think of the company and how they help you succeed.
