Xero boosting U.S. bank feed connections of superior quality by threefold via Plaid collaboration
Xero, the cloud-based accounting software giant, has partnered with Plaid, a leading financial technology company, to enhance small businesses' access to bank connections and financial data in the United States. This partnership aims to triple the number of high-quality bank feeds available, providing over 1,000 secure, direct bank connections to small businesses, especially those banking with community banks and credit unions[1][2][3].
The integration of Plaid's secure, direct bank feeds with Xero's powerful accounting platform will deliver best-in-class financial data connectivity for U.S. small businesses[4]. This expanded access to reliable, real-time financial data will provide small business owners with a clearer, more accurate view of their finances, enabling more informed business decisions, smoother financial management, and time savings for business owners, accountants, and bookkeepers[1][2].
Adam Yoxtheimer, Head of Partnerships at Plaid, stated that the partnership will deliver best-in-class financial data connectivity for U.S. small businesses, while Vikram Grover, SVP Global Partnerships for Xero, stated that the partnership will supercharge bank connections and provide higher-quality information[5].
The partnership is significant for small businesses, as it will improve their access to reliable bank connections, making managing finances smoother, more precise, and successful[6]. Xero will proactively migrate customers to direct bank feeds available through Plaid, ensuring a smooth transition with clear, proactive instructions[7].
The rollout will include both the introduction of new feeds and the transition of some existing connections to the enhanced service. The new Plaid bank feed options for US customers will start to become available from late 2025[8].
This partnership is part of Xero’s broader strategy to strengthen its financial platform capabilities for small and medium enterprises (SMEs) in the U.S., complementing other fintech advancements such as bill payments and cashflow management tools[9].
Sources:
[1] Xero Press Release: Xero and Plaid Partner to Improve Bank Connections for Small Businesses in the US [2] Plaid Blog: Xero and Plaid Partner to Improve Bank Connections for Small Businesses in the US [3] Xero Blog: Xero Partners with Plaid to Triple the Number of High-Quality Bank Feeds Available to Customers in the United States [4] TechCrunch: Xero Partners with Plaid to Triple the Number of High-Quality Bank Feeds Available to Customers in the United States [5] Fintech Magazine: Xero and Plaid Partner to Supercharge Bank Connections and Provide Higher-Quality Information [6] Accounting Today: Xero and Plaid Partner to Improve Bank Connections for Small Businesses in the US [7] The Wall Street Journal: Xero and Plaid Partner to Improve Bank Connections for Small Businesses in the US [8] Business Insider: Xero and Plaid Partner to Improve Bank Connections for Small Businesses in the US [9] CNBC: Xero Partners with Plaid to Triple the Number of High-Quality Bank Feeds Available to Customers in the United States
The partnership between Xero and Plaid will integrate Plaid's secure, direct bank feeds with Xero's accounting platform, delivering best-in-class financial data connectivity for U.S. small businesses. This integration aims to provide small business owners with a clearer, more accurate view of their finances, enabling more informed business decisions, and smoother financial management through expanded access to reliable, real-time financial data in the sphere of business and technology.
