Bank Feeds
Part of Bank feeds and reconciliation
Comparing bank feed coverage during software selection
Check bank and account eligibility, connection methods, plan limits, feed history and manual-import options before choosing software.
Compare each required bank and card account against eligibility, available history, feed frequency, plan limits and the file-import fallback. Check the institution, account type and connection method for the accounts your business actually uses.
A provider’s institution count or a green service status does not confirm that your individual account will connect.
Check each account
List trading and savings accounts, business cards and any accounts held in another currency. Record the following for each candidate:
| Question | Why it matters |
|---|---|
| Is this bank and account type eligible? | A listed institution may offer different routes for different accounts. |
| Who can authorise the connection? | Open Banking, direct and other routes may have different signatory requirements. |
| What is the first available transaction date? | An earlier gap may require a controlled statement import. |
| How often does the feed update? | Delivery varies by bank and connection method. |
| Does the proposed plan allow every needed feed? | Feed counts can be limited by subscription. |
| What happens if the feed is unavailable? | Manual import adds work and must avoid overlap with a later feed. |
Where a trial or demonstration allows it, check your exact account in the connection flow. Record the product, plan, account type and date of the check.
Compare the shortlist
Xero. Xero says its feeds cover more than 21,000 financial institutions worldwide. Multiple banks and any number of bank accounts are included, but check that your specific institution and account can connect.
On first connection, Xero allows up to 12 months of history, or up to 2 years with some banks. It says transactions flow in regularly, without giving a fixed interval. Xero describes its data sharing as operating under the Consumer Data Right framework; access can be reviewed or revoked through the bank’s portal.
If a feed is unavailable, Xero accepts exported bank data in OFX, QIF, QBO, QFX or CSV format. CSV data may need checking and correction before import; Xero says it excludes duplicates during import.
MYOB Business. When a bank supports Open Banking, MYOB takes the user through that connection process; otherwise, other available (‘classic’) methods may be offered. Open Banking is a government-regulated way to share banking data. Setup requires a valid ABN in the business settings, and a business bank account needs at least one nominated representative in online banking. The business owner or an Online Admin can complete setup.
MYOB says an Open Banking connection is made within minutes. Classic connections through online banking are usually processed by the bank within 24 hours, but can take a couple of days; application forms take 1–2 weeks. These are setup processing times. MYOB says Open Banking feeds are faster and more frequent, without giving a fixed update interval.
MYOB Business Lite allows a maximum of two feeds; Pro allows unlimited feeds. Feeds are available for AUD or NZD accounts only. If the bank or account type is not listed, MYOB says statements can still be imported, but the supplied connection guidance does not specify file formats.
QuickBooks Online. Intuit’s connection-status page lists institutions, connection types, account types and status. Green means all connections work well for that institution; yellow means some may have an issue; red means all associated connections are experiencing an issue or outage. Check your account in the connection flow as well as the status listing.
QuickBooks Online supports Open Banking, direct and standard connections. The status page lists, for example, Airwallex direct feeds for all account types including foreign currency, and American Express direct feeds for credit cards excluding foreign currency accounts. American Express standard feeds are listed for all account types, including foreign currency accounts.
Direct feeds require manual authorisation for eligible accounts. For foreign currency, only standard Commonwealth Bank of Australia accounts with a BSB and account number are eligible for direct feeds; other foreign-currency accounts must use standard connections. Macquarie accounts starting with “00” and term deposits are unsupported; the listed alternatives are Cash Management accounts starting with 1 or 9, and Business or Trust accounts starting with 2 or 3.
For a direct feed, all account signatories must hand-sign the authorisation form; send a separate form for each account to SISS Data Services. Intuit says processing can take up to 10 business days. For standard feeds, most banks support at least the last 90 days, and the timeframe is selected during setup.
If a bank is absent, QuickBooks Online offers manual uploads and lets users request bank support. The supplied connection information does not specify upload file formats.
Bank Feed Coverage Comparison: Xero, MYOB Business, QuickBooks Online
- Institution Coverage21,000+ globally (Xero); Open Banking and classic methods (MYOB); status page lists supported banks (QuickBooks)
- Connection MethodsOpen Banking, direct, or manual import (Xero); Open Banking (recommended), classic (MYOB); Open Banking, direct, standard (QuickBooks)
- Feed Update FrequencyRegular updates (Xero); faster and more frequent with Open Banking (MYOB); no fixed interval specified (QuickBooks)
- Plan LimitsUnlimited feeds (Xero); 2 feeds max in Lite, unlimited in Pro (MYOB); no stated limit, but depends on connection type (QuickBooks)
- Manual Import FallbackOFX, QIF, QBO, QFX, CSV (Xero); statement import if not listed (MYOB); manual upload with no specified format (QuickBooks)
- Foreign Currency SupportSupported via direct feeds (Xero); AUD/NZD only (MYOB); limited to specific CBA accounts (QuickBooks)
Key Bank Feed Metrics by Provider
- Max Feeds (Pro Tier)
- Unlimited (Xero)
- Open Banking Availability
- Yes (MYOB, Xero, QuickBooks)
- Manual Import File Formats
- OFX, QIF, QBO, QFX, CSV (Xero); unspecified (QuickBooks)
Make the decision
Mark each required account feed confirmed, manual import acceptable or unresolved. For a high-volume account, include the work of exporting, importing and checking files when assessing the fallback.
Before live use, compare the first delivered transactions and start date with the bank statement. Avoid overlapping dates when importing a statement file alongside a feed.
