In yet another link between a traditional bank and a fintech firm, DBS has inked an agreement with a cloud based accounting firm.
Online accounting software company Xero and Singapore's largest bank have launched an API-driven banking integration.
The tie-up will enable small and medium-sized enterprises (SMEs) to get an up-to-date view of their financial data, without manual data entry and reconciliation of banking transactions.
Digital Efficiencies
The online integration is the first-of-its-kind in the region, as existing direct bank feed arrangements require SMEs to apply for the account integration via paper forms, and can take about 10 days to set up.
The new collaboration allows small businesses to instantly connect their DBS business banking accounts so that their transaction data can flow securely and automatically into Xero each day.
Fintech Banking Collaboration
Via the integration the business owner will get a reliable, up-to-date view of their financial position enabling them to make more informed business and investment decisions, without the hassle and costly mistakes caused by outdated cash flow balances.
«The future of finance is steeped in collaboration between banking institutions and technology companies. This is vital to the success of small businesses, and also for the effective future operation of the financial services sector,» said Rod Drury, Xero CEO and Founder.
