xero

Xero

Cloud accounting software providing simple and time-saving automatic bank feeds

Xero

Cloud accounting software providing simple and time-saving automatic bank feeds

At a Glance

Experience less hassle with Xero to streamline your business accounting operations. DBS customers can save more time when you connect your bank accounts to Xero and set up daily bank feeds for automatic reconciliation at no additional cost!

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Up-to-date view of your cash flow

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

money

Direct FAST payments from Xero to DBS IDEAL

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

InvoiceNow-Ready

Send and receive e-invoices via the Peppol network from Xero directly to your buyer’s accounting system for quicker payments.

How to Apply
Resources

Watch this video for a step-by-step guide on connecting your DBS bank account with Xero, or view instructions here.


Step-by-step guide to perform a FAST transaction via Xero.

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.

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.

Who can set up bank feed connection?

Only an IDEAL authoriser can set up bank feed connection. Do note you can only send bank feeds to Xero for accounts that you are entitled to within DBS IDEAL.

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

You will have to upgrade your access to IDEAL transact for free, apply now.

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 initiate FAST payment via Xero?

All Xero Singapore customers who have set up a DBS Bank Feed Connection with Xero can initiate payment from Xero, after which the transaction will appear in IDEAL for approval.

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.

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