Xero and Investec have partnered to announce a tool aimed at giving small businesses and their advisors access to financial data through a fully digital API-enabled bank feed locally.

The bank feed is live now and is available to Investec private banking clients in South Africa with a Xero account, the pair explained. 

This fully digital feed, which was originally developed by Xero in 2018, will offer small businesses and their accountants the ability to import their banking transactions automatically and securely, directly from Investec into their Xero organisation.

Added to this, Investec clients in South Africa who decide to subscribe to Xero can get 50 percent off their new subscription/s for the first four months.

“New technologies – like API bank feeds – are helping to automate manual processes like tax filing and support small businesses to better track performance and plan for their future. This is freeing them up to focus on growth – which creates employment and a healthier economy for all,” notes Colin Timmis, Xero South Africa country manager.

“As the first accounting and small business platform in South Africa to introduce fully digital bank feeds earlier this year, we’re excited to continue this innovation with like minded organisations like Investec,” he enthused.

Both Xero and Investec say many businesses are already using tools enabled by open banking, but the potential is much greater. As such, it will be interesting to see how many Investec customers make use of this new bank feed and whether other institutions will look to add the functionality via Xero.

“Bank feeds are a great example of the transformational role open banking can play in helping South African small businesses to automate processes,” a press release sent to Hypertext explains.

“Many businesses are already using tools enabled by open banking, but the potential is much greater. It can help businesses get paid faster, make payments more efficiently, and access the capital they need,” the pair conclude.