Scotiabank and Xero join forces to support Canada's small businesses with automatic bank feeds

TORONTO, July 12, 2023 /CNW/ - Scotiabank and Xero, the global small business platform are, together, making it easier for Canada's small business owners and their accounting and bookkeeping advisors to simplify their financial administration tasks. With Xero, Scotiabank's small business clients will be able to seamlessly access and integrate their business banking information with day-to-day operations, enabling cash flow visibility and reducing the time spent on manual, data import tasks.

"Scotiabank is committed to making it easier for our clients to run their businesses," said Chris Manning, Senior Vice President of Global Business Payments at Scotiabank. "Working with Xero, Scotiabank will provide business clients with the convenience of a single platform to carry out their accounting, payments and financial management processes."

Using API-enabled technology ? delivered through Scotia TranXacttm ? Scotiabank will deliver financial data to Xero's accounting platform, simplifying the accounting process for business owners. Together with Xero, Scotiabank will provide business clients:

• Simplified financial management to reduce manual data entry and application switching;
• Cash flow insights to support informed business decisions;
• Enhanced efficiency through reconciliation automation capabilities.

"Integration with Scotiabank will offer new value for Xero customers in Canada, providing small business owners access to insights that will enable them to make fast and informed business decisions," said Chris O'Neill, Chief Growth Officer, Xero. "We're incredibly excited about this partnership with Scotiabank as we collectively strive to improve the lives of people in small business and their advisors."   

Working together, Scotiabank and Xero provide business clients greater visibility and control of their financial information, while enabling business owners to spend more time running their businesses.

For more information about Scotia TranXact APIs, visit Scotiabank's Developer Portal.

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as at April 30, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.

Xero is a global small business platform with 3.7 million subscribers which includes a core accounting solution, payroll, workforce management, expenses and projects. Xero also has an extensive ecosystem of connected apps and connections to banks and other financial institutions helping small businesses access a range of solutions from within Xero's open platform to help them run their business and manage their finances. For four consecutive years (2020-2023) Xero was included in the Bloomberg Gender-Equality Index. In 2021 and 2022, Xero was included in the Dow Jones Sustainability Index (DJSI), powered by the S&P Global Corporate Sustainability Assessment. Xero is a FIFA Women's Football partner.

SOURCE Scotiabank