What is it?
Our Bank Feeds API empowers developers to automate the integration of bank transactions into accounting software for small and medium-sized businesses (SMBs). This removes the cumbersome step of manual uploads each month, giving businesses a more timely view of their finances.
A recent survey revealed that 71% of Xero partners identify bank feeds and reconciliation as their most valued features. By leveraging the Bank Feeds API you can meet this demand. It offers compatibility with multiple popular accounting platforms through a standardized set of endpoints.
The end result is a simplified financial management process for SMBs, which not only streamlines their accounting, but also elevates their overall experience with your application.
Why use it?
Reduce churn
When your services integrate effortlessly into your customer's tools and processes, they're less likely to switch to a competitor.
Improve accuracy
We help your customers close their books faster and with fewer manual errors.
Up-to-date balance
Near real-time balances enable your customers to manage their finances more effectively and empower them to make the right choices.
How does it work?
Create source accounts
A bank feed is a connection between a source bank account and a target bank account in a supported accounting package.
First, you should create a 'source account' in Codat that serves as replica of an actual financial account, savings account or credit card. This account can later be mapped to a target account in your customers' accounting software.
Connect and map accounts
The method of connecting and mapping this source account to your target account varies depending on the accounting package your customer is using. Typically there are three methods of mapping the source account to a target account:
- API mapping: integrate the mapping journey directly into your application for a seamless user experience.
- Codat UI mapping: if you prefer a quicker setup, you can utilize Codat's provided user interface for mapping.
- Accounting platform mapping: for some accounting softwares, the mapping process must be conducted within the software itself.
The setup process and platform registration requirements vary for each Bank Feeds API integration. For detailed instructions, refer to the documentation for each integration.
Push transactions
Once the SMB user has completed the authorization and account mapping process, you are set to begin pushing transactions into the target bank account on the accounting platform.
Supported integrations
✨ Enterprise
This product is only available on our enterprise plans.