HSBC launches online data tool in collaboration with Xero, Sage and Intuit
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 were excited to be addressing some of the challenges these customers face on a day-to-day basis.
Fred Heritage was previously 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.
HSBC has paid compensation to at least two small business owners with frozen accounts, according to reports, as the bank seeks to control the aftermath of its crackdown on financial crime. more»
It is hoped the bank feed agreement will save time for small business owners and accountants, reducing data entry errors by automatically transferring financial information. more»
Launched in 2012, the Start Up Loans Company offers loans of up to 25, 000 to small companies at a fixed interest rate of six per cent per annum. more»