xero

Xero

Simple and time-saving automatic bank feeds

Xero

Simple and time-saving automatic bank feeds

At a Glance
Connect your DBS bank accounts to Xero accounting software to generate automatic bank feeds. What’s more, you can now send and receive e-invoices via Peppol – the nationwide e-invoicing network launched by IMDA.
settings

Easy setup

Set up your DBS bank account in Xero. Then connect DBS and Xero through DBS IDEAL, our online banking platform

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Up-to-date view of your cash flow

With DBS-Xero bank feeds, your day starts with valuable insights and updated view of your financial position

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Direct FAST payments from Xero to IDEAL

Outstanding bill payments can now be sent from Xero to IDEAL for authorisation

Send and receive e-invoices via Peppol

Not registered for e-invoicing? Register your business on the Peppol network by 31 Dec 2020 and receive a one-time payment of S$200 (e-invoicing Registration Grant by IMDA)*.

*Terms and conditions apply. For more details, please click here.

How it Works

Watch the video to learn more:

 

How to Apply
  1. Open a DBS Account with free IDEAL access
  2. Sign up for Xero accounting software
  3. Follow the step-by-step guide

If you already have a DBS Business Account, but no IDEAL access, download and complete the application pack.

New to DBS?

Ready to switch over? Apply now.

FAQs
Which accounts can I set up bank feeds for?

You can set up bank feeds for all DBS Corporate Current Accounts to be delivered directly to the Xero platform. All except for Fixed Deposit Accounts.

Will DBS-Xero bank feeds cost me anything?

If you’re using Xero and have a DBS account, direct bank feeds are available at no additional cost. If you don’t bank with us, get started now.

How do I sign up for this service?

Sign up for this service by clicking on the “Connect a bank” feature within Xero. It will prompt you to log in to IDEAL with your digital or physical token. Subsequently, you just have to authorise the bank to send the feeds to Xero. Learn more about Xero.

Can anyone sign up for this?

Only an IDEAL authoriser can sign in. You can only send bank feeds for accounts that you are entitled to within IDEAL.

How do I register for e-invoicing?

You will just need a Xero subscription! After you subscribe or if you already have a subscription, follow these easy instructions to set up e-invoicing in Xero to start sending and receiving invoices on the Peppol network.

I have IDEAL Enquiry Access. Can I use this service?

No. You will have to upgrade your access to IDEAL Transact for free by using this form. There are no subscription charges for IDEAL Transact access.

How do I get bank feeds for a new account?

Simply log in to Xero and reconnect the bank feeds again. You should be able to access the bank feeds page from Xero and re-initiate the bank feeds. Ensure that the user who tries to make the connection has access to the new account.

How do I set up bank feeds for my subsidiary company?

The subsidiary company must have its own DBS IDEAL online banking account with unique login ID and password.

Tag your subsidiary company to your company’s IDEAL account to set up bank feeds.

How does the direct payments from Xero to IDEAL work?

Outstanding bill payments can now be sent from Xero to DBS IDEAL for authorisation. You and your clients will no longer need to re-enter details when paying bills in Xero. Saving you time and reducing errors.

Bills sent from Xero to DBS IDEAL will be paid out via FAST (Fast And Secure Transfers) electronic funds transfer. We’ll notify you of more payment modes when they are available.

Who can access the direct payments service?

All Xero Singapore customers who have an active DBS Singapore Bank Feed. You must have a DBS IDEAL internet banking and a Xero accounting software to set up DBS bank feeds. Learn how to set up direct bank feeds.

Which user roles can use direct payments?

The role has to be indicated as Standard, Adviser or Invoice Only.

How long does it take to transmit a payment request?

It will take about 10 minutes. After that, you will be able to see the payment requests inside IDEAL awaiting approval.

Will this work for multi-currency bills also?

This service is only available for bills in Singapore Dollars.

Is this service available in Hong Kong also?

This service is only available in Singapore.

How to send payment instructions from Xero to IDEAL?

Get instructions on the steps here.

What is the ‘Scheduled Report/Data Export’?

This is a scheduled report that is created in the backend when you set up the Xero bank feeds. Do not delete this entry as your daily transactions are generated and sent to Xero through this report.

Client Testimonial

cafe-bond

"Automatic bank feeds are just the fix our coffee business needs."

Cafebond