Finance · 26 September 2017

HSBC launches online data tool in collaboration with Xero, Sage and Intuit

HSBC
HSBC’s new online service will be available on Xero and Sage in October

High street lender HSBC is expanding its bank feed service with the launch of a new online tool, providing small business customers with a data feed from their bank account to their accounting software.

The new HSBC tool will see the bank collaborate with three major providers of accounting software – Xero, Sage and Intuit – and will enable businesses to connect bank accounts to their choice of software package via a secure and reliable transaction data feed.

HSBC promises its business customers they will be able to manage their finances more effectively, as the new data feed will allow access to more up to date, user-friendly customised data on their financial position.

For businesses based in the UK, HSBC’s new online service will be available on Xero and Sage in October, and will “soon” be made available on Intuit’s QuickBooks, according to an announcement from the lender.

Welcoming the new tool, global head of business banking digital at HSBC, Nadya Hijazi, said that it would do away with the need for business owners to manually enter bank transaction data, because it would automatically synchronise transaction information with their accounting platform every 24 hours.

Hijazi added: “This digital solution provides customers with the financial information they want, when they want, and where they need it – rather than having to visit their online banking site to retrieve the information.

“This service is one of the first of a series of innovative digital solutions we are developing for SME customers and we’re excited to be addressing some of the challenges these customers face on a day-to-day basis.”

HSBC business customers based in Hong Kong are also expected to be able to benefit from the new tool in the next few weeks, with roll-out to HSBC customers in additional markets and territories around the world expected in 2018.

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ABOUT THE EXPERT

Fred Heritage is deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London. He previously worked as a reporter at Global Trade Review magazine.

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