7 days ago
Xero to triple high-quality bank feed connections in the US through Plaid partnership
Xero, the global small business platform, today announced a strategic partnership with Plaid, a leading financial data network, to eventually triple the number of high-quality bank feeds available to customers in the United States.
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For the many small businesses that form the backbone of local economies, access to community-focused finance providers is crucial, given the vast number of banks and credit unions nationwide. This partnership will significantly improve these business owners' access to reliable bank connections, giving them a clearer, real-time view of their finances which, in turn, will empower them to make more informed decisions, supporting their growth, their employees, and the communities they serve.
"This partnership with Plaid is expected to supercharge bank connections. It will provide more robust integrations and higher-quality information from a wide range of financial institutions including smaller banks and credit unions," said Vikram Grover, SVP Global Partnerships for Xero.
This partnership gives Xero's customers access to more than a thousand secure, direct connections through Plaid's expansive network of US financial institutions, delivering better reliability, data quality, and peace of mind for small businesses.
Starting this year, Plaid will power an increasing portion of Xero's US bank feed sources, offering customers more dependable connections to their financial data.
"This partnership with Plaid is expected to supercharge bank connections. It will provide more robust integrations and higher-quality information from a wide range of financial institutions including smaller banks and credit unions. This will in turn make managing the finances a lot smoother, more precise and successful, as well as save valuable time for small business owners, accountants and bookkeepers," said Vikram Grover, SVP Global Partnerships for Xero.
Xero is continuing to invest in more reliable direct (OAuth) bank feeds, offering a significant improvement by using secure tokens for connections built directly with bank systems. Xero will proactively migrate customers to direct bank feeds available through Plaid, ensuring a more stable flow of financial data.
"We're excited to partner with Xero to deliver best-in-class financial data connectivity for U.S. small businesses," said Adam Yoxtheimer, Head of Partnerships at Plaid. "By combining Plaid's secure, direct bank feeds with Xero's powerful accounting platform, we're giving customers faster, more reliable access to their financial information and freeing up time for them to focus on what really matters: growing their business."
Xero will ensure a smooth transition to Plaid-powered feeds with clear, proactive instructions to guide customers through the easy setup process.
The new Plaid bank feed options for US customers will start to become available from late 2025, with a phased rollout designed to ensure a smooth and well-managed experience. This will include both the introduction of new feeds and the transition of some existing connections to the enhanced service.
