Starling, Tide, TransferWise, Revolut and Soldo have announced a global in-app integration with accounting platform Xero.

The digital accounting platform is using its new Open Banking API (Application Programming Interface) to feed bank data in real-time to its data management system.

The integration will offer small business customers of five major UK FinTechs the option to integrate all their financial data directly into Xero’s platform, allowing firms to view their accounting data in one place.

The platform’s integration with digital account Tide, challenger bank Starling, foreign exchange platforms Revolut and Transferwise and expense management platform Soldo, is the latest in a growing trend for third party apps to make use of Open Banking rules on data sharing to partner with financial providers.

Announcing the integration, Xero also said it has now been granted Account Information Service Provider (AISP) status by the Financial Conduct Authority (FCA), enabling the company to take full advantage of Open Banking protocols.

Xero, a cloud-based small business data management platform, has integrated with more than 700 apps and counts more than 1.6 million subscribers worldwide.

Edward Berks, director for platform business at Xero, said: “The UK has a dynamic FinTech sector and the latest Open Banking regulations have enabled a huge shift in the banking landscape.”

Stuart Gregory, head of business at foreign exchange platform TransferWise, said: “Integrating with Xero has been one of our most requested features, so that accountants and bookkeepers can conveniently and accurately reconcile their international currency accounts."

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