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Fully digital bank boost for SMEs

by AKANI CHAUKE
JOHANNESBURG – BUSINESSES, particularly small and medium enterprises (SMEs), can now better manage cash flow after the launch of a fully-digital application programming interface (API)-enabled bank feed in South Africa.

Xero, the global small business platform, and Investec, the international bank and wealth manager, have partnered for the initiative.

The new feed is live now and is available to Investec private banking clients with a Xero account in South Africa.

It enables small businesses and their accountants import their banking transactions automatically and securely, directly from Investec into their Xero organisation.

The bank feed uses a fully digital connection process.

Colin Timmis, Xero South Africa Country Manager, said with the impact of COVID-19 and other economic uncertainties continuing, stakeholders must work together to support small businesses.

“This means making sure they have the digital tools they need to grow,” Timmis added.

The new Investec feed has been built to Xero’s API, launched in 2018.

Wayne Summers, Head of Open APIs at Investec Digital in South Africa, said their aim was to offer transactional convenience for clients and become a full-fledged digital business enabler and financial partner.

“The introduction of Xero is the next step in the bank’s evolving proposition,” Summers said.

Bank feeds are hailed as a great example of the transformational role open banking can play in helping South African small businesses to automate processes.

– CAJ News

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