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Integration with UK OpenBanking APIs => Free, reliable, up to date bank feeds for UK banks

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).