Xero, the global small business platform, has partnered with financial data network Plaid, to eventually triple the number of high-quality bank feeds available to customers in the United States.
Starting this year, Plaid will power an increasing portion of Xero’s US bank feed sources, offering customers more dependable connections to their financial data.
For the many small businesses, access to community-focused finance providers is crucial, given the vast number of banks and credit unions nationwide. Through the new partnership, Xero will look to significantly improve these business owners’ access to reliable bank connections, offering them a clearer, real-time view of their finances, which should help them make more informed decisions, supporting their growth, employees, and the communities they serve.
This partnership provides Xero’s customers with access to over a thousand secure, direct connections through Plaid’s extensive network of US financial institutions, delivering improved reliability, data quality, and peace of mind for small businesses.
“This partnership with Plaid is expected to supercharge bank connections,” explained Vikram Grover, SVP global partnerships for Xero. “It will provide more robust integrations and higher-quality information from a wide range of financial institutions, including smaller banks and credit unions. This will, in turn, make managing the finances a lot smoother, more precise and successful, as well as save valuable time for small business owners, accountants and bookkeepers.”
Giving small businesses more data
Xero is continuing to invest in more reliable direct bank feeds, offering a significant improvement by using secure tokens for connections built directly with bank systems. Xero will proactively migrate customers to direct bank feeds available through Plaid, ensuring a more stable flow of financial data.
“We’re excited to partner with Xero to deliver best-in-class financial data connectivity for US small businesses,” added Adam Yoxtheimer, head of partnerships at Plaid. “By combining Plaid’s secure, direct bank feeds with Xero’s powerful accounting platform, we’re giving customers faster, more reliable access to their financial information and freeing up time for them to focus on what really matters: growing their business.”
The new Plaid bank feed options for US customers will start to become available from late 2025, with a phased rollout designed to ensure a smooth and well-managed experience. This will include both the introduction of new feeds and the transition of some existing connections to the enhanced service.
