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Integration with UK OpenBanking APIs

Started by Joseph Heenan in Feature Requests | Idea

In January 2018, (at least) the largest 9 banks in the UK will be making available APIs for both access to transaction data and for initiating payments (amongst other things).

The technical specifications for these APIs are already available here: https://www.openbanking.org.uk/read-write-apis/

There are further EU regulations (PSD2) that means these same APIs (or very similar ones) may also be adopted by other UK banks, and as well as those in other EU countries.

This will allow Xero to implement free reliable bank feeds for at least the following UK banks:

Barclays plc
Lloyds Banking Group plc
Bank of Ireland

Bank feeds implemented in this way would also be able to update (on demand) in real-time.

This also means it'll be possible to setup bank feeds without needing to deal with posting paper forms.

It also opens the doors to other features (eg. scheduling payments for expense claims automatically with the bank without leaving Xero).
Sounds good...

Mark Blackmore

This would be great as the yodlee feeds seem to be a little hit and miss. Having everything within Xero sounds fantastic. Especially for outgoing payments,

Alan Rawson

Xero now seem to have launched new direct feeds with Santander - they don't mention if they're using the upcoming openbanking APIs as a basis for this, but you'd kind of hope (with only 3 months to go till they're live) that both parties would have done so.

It's kind of telling that Xero might actually be planning to launch something here, and have even written a blog about how exciting openbanking is for small companies, but haven't said anything at all about their plans in the area.

Joseph Heenan

Hiya Joseph - we're 100% on board with getting the best data from as many banks as we can. Whether it's via the Open Banking API, or a Direct feed we've created with the bank. Re: Santander feed, this'll be the first feed through a bank's API :)

Is this the Blog you're referring to?

Brittany H (Community Manager)

That's the right blog, yes. (I had a longer post with all the links, but the community software decided to eat it :( )

So does '100% on board' mean Xero will be on the OpenBanking platform on launch day (13th Jan 2018)? That's awesome news if so.

Joseph Heenan

Ah yes, Community can be quite picky if the links all aren't correct!

It means that where it makes sense for us to add API bank feeds, we'll do so. We already have direct integrations with a number of banks, so it doesn't make resourcing sense to redo these. I'll update you all here as we make announcements. Cheers

Brittany H (Community Manager)