Xero, a cloud-based accounting software platform for small businesses, has announced a partnership with Flinks, a leading financial data aggregator in Canada. The partnership will enable Xero customers to connect their bank accounts using Flinks’ open banking technology and benefit from faster and more accurate data feeds.
How Xero and Flinks will improve banking data access
Xero and Flinks share a vision of empowering small businesses with open, consent-based access to their financial data. By integrating Flinks’ connectivity and enrichment solutions, Xero will be able to offer its customers:
- More bank coverage: Flinks covers over 250 financial institutions in Canada, including major banks, credit unions, and fintech platforms. Xero customers will be able to connect their bank accounts from a wide range of providers and get their transactions automatically imported into Xero.
- More data quality: Flinks provides enriched banking data insights, such as income, cash flow, and risk analysis, that can help Xero customers make better financial decisions. Xero will also be able to leverage Flinks’ data validation and verification features to reduce fraud and errors.
- More user experience: Flinks’ open banking technology enables a seamless and secure user journey, with OAuth connectivity and biometric authentication. Xero customers will be able to link their bank accounts in a few clicks, without sharing their login credentials.
Why Xero and Flinks are a perfect match
Xero and Flinks have a common goal of helping small businesses thrive in the digital economy. Both companies are committed to innovation, customer-centricity, and trust. Xero is a global leader in cloud accounting, with over 2.7 million subscribers in more than 180 countries. Flinks is a pioneer in financial data aggregation, with over 300 clients across North America, including Wealthsimple, KOHO, and PayBright.
Xero’s Director of Business Growth for Canada, Faye Pang, said: “We’re excited to partner with Flinks to bring the benefits of open banking to our Canadian customers. Flinks’ technology will enable us to provide faster and more reliable bank feeds, as well as richer data insights, to help small businesses manage their finances more effectively.”
Flinks’ CEO and co-founder, Yves-Gabriel Leboeuf, said: “We’re thrilled to join forces with Xero, a company that shares our vision of empowering businesses with financial data. Together, we’ll be able to offer a best-in-class open banking solution that will enhance the user experience and the data quality for Xero customers.”
What Xero and Flinks customers can expect
The partnership between Xero and Flinks will be rolled out in phases, starting with a pilot program in early 2024. Xero customers who participate in the pilot will be able to connect their bank accounts using Flinks’ open banking technology and provide feedback on the new features. Xero and Flinks will then work together to optimize the integration and launch it to all Xero customers in Canada later in 2024.
Xero and Flinks customers can expect to enjoy a more seamless and secure banking data access, as well as more actionable and accurate data insights, that will help them run their businesses more efficiently and effectively.
