Allica Bank has announced partnerships with accounting software platforms Sage and Xero. Allica Bank is a digital relationship bank especially for established businesses with 10 or more employees,
The direct integrations will mean Allica Bank business current account customers that use Sage and Xero can have their account transactions fed through automatically to their accounting software. The data shared includes the amount, date, time, direction, reference and merchant information. The benefit of the sharing of this data is so it can save business owners and their accountants significant amounts of time, reduce manual work and the potential for error.
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A busy period of growth for Allica Bank
The link-up comes after a busy period of growth for Allica Bank’s flagship business current account, which has been designed specifically to serve the needs of businesses with between 10 and 250 employees. Alongside no monthly fees, cashback, and competitive savings rates, it also offers its customers the support of a dedicated relationship manager.
In December 2023, Allica Bank shared that 2,000 customers had already signed up to its business current account. Earlier this year Allica Bank revealed it has completed over £2bn in business lending, with the majority of this going to SMEs based outside of London.
Allica Bank’s Head of Partnerships Sophie Hossack said: “Allica Bank is incredibly excited to launch our direct integrations with Sage and Xero. By partnering with these leading accounting software companies, we are helping more established businesses in the UK to save time and access their financial information. Using these insights, business owners and their accountants can make the most of their finances, finding opportunities to grow and succeed. We’re proud to be partnering with Sage and Xero and look forward to working closely with them.”
Christopher Grieves, Head of Product Management Marketing, Sage, added: “This collaboration marks a step forward in one of our key missions, to simplify business accounting. The integration this partnership brings between Allica Bank and Sage’s accounting platforms will help streamline our mutual customers’ operations, minimise manual errors and in turn save valuable time for business owners.”
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