UK Open Banking payments provider Atoa unveils integration with Xero

UK-based Open Banking payments provider Atoa and small business platform Xero have begun working together to help small businesses get paid more quickly and to pay less in fees.

Atoa’s new integration with Xero will enable customers to attach Atoa as the payments provider and to add a ‘Pay with Bank App’ button to Xero invoices, giving customers the ability to pay directly from their bank app or via online banking.

According to Atoa, payments will be automatically synced in Xero to save businesses time spent on admin tasks, such as manual reconciliation, and up to 50% on processing fees versus other providers.

Among the other benefits of the integration cited by Atoa is that faster payouts improve businesses’ cash flow, while paying invoices by bank app offers clients a “one-click” payment option.

New users will be given seven days of free transactions. Once this trial period ends, rates start from 0.7% per transaction plus 10p on each Xero invoice payment, saving businesses up to 50% on processing fees.

The Atoa and Xero integration is available to all Atoa users in the UK.

Sid Narayanan, chief executive officer of Atoa, said: “Atoa’s new integration with Xero makes it easier and more cost effective for UK businesses to collect payments through invoices.

“It also frees up valuable time and resources that can be better spent on accelerating growth.”

Earlier this month, Atoa revealed it had secured regulatory approval from the UK’s Financial Conduct Authority to operate as an Authorised Payment Institution.

Xero is an Event Partner of Open Banking Expo Canada, which takes place on June 17 at the MTCC in Toronto. Find out more about speaking, registering to attend, and partnering here.