Santander has partnered with cloud-based accounting platform Xero to offer an integrated service to SMEs in the UK.
Using the service, Santander customers can link financial data from their bank accounts with Xero’s software. The data migration will be done free of charge.
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The vendor said that the integration will allow customers to assess, predict and manage cash flow more effectively, facilitate conversations with accountants or bank managers, and make lending or investment decisions easier to navigate.
The service will be launched for Santander Business customers from next month.
Santander head of customer and innovation Sigga Sigurdardottir said: “We are always looking at new ways we can provide customers with a seamless service so this feels like a natural partnership for us. We’re excited to be the first UK bank to launch an API link with Xero. We want to help businesses prosper and it complements the other options we have to help our customers manage their cashflow.”
Xero has already inked similar partnerships with various other major banks across the globe. These include partnerships with Commonwealth Bank, National Australia Bank, Wells Fargo, and Capital One. The software firm also has also payments integrations with PayPal and Stripe.
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