As Canada moves toward formal Open Banking policies, Loop becomes the first business banking platform to deliver dedicated API connectivity for QuickBooks, Xero, and Wave, replacing outdated “screen scraping” technology for sharing businesses’ financial data.
TORONTO, Feb. 24, 2026 /CNW/ – Loop, the leading global financial platform for Canadian businesses, today launched Direct API Connectivity for QuickBooks Online, Xero, and Wave. Loop is the first business banking provider in Canada to build dedicated infrastructure for these platforms. By replacing legacy “screen scraping” with high-fidelity API infrastructure, Loop provides Canadian SMEs a stable, secure, and precise way to sync global banking data into their accounting tools.
Previously, Canadian businesses relied on systems that “scraped” banking data by simulating human logins to connect to accounting platforms. These connections are fragile–frequently breaking when banking interfaces change and requiring constant re-authentication. Loop’s new direct integration solves this pain, creating a secure, permanent digital bridge that syncs transaction data with higher precision and security.
“Financial data is the lifeblood of any growing company, yet for too long, Canadian founders have been forced to rely on technology that belongs in the early 2000s,” said Cato Pastoll, CEO of Loop. “When a bank feed breaks, it doesn’t just create an error message; it halts month-end closes, creates blind spots in cash flow analysis, and forces finance teams to waste hours on manual data entry. We built this direct infrastructure because our customers deserve a financial operating system that works as hard as they do–without interruption.”
Key Benefits of Loop’s Direct API Connectivity:
- Zero Downtime: By removing screen scraping, the connection remains stable regardless of website updates.
- Enhanced Security: Direct APIs use tokenized authentication, meaning users never share banking credentials with third parties.
- Clean Data: The direct link eliminates duplicate transactions and missing entries, reducing reconciliation time.
- Multi-Currency Support: Designed for Loop’s global user base, the integration seamlessly handles multi-currency transactions.
While the broader Canadian financial industry remains in a decade-long holding pattern waiting for formal Open Banking to arrive, Loop is delivering on the promise of data portability today. Rather than keeping customer data siloed until regulators force a change, Loop is taking a proactive stance, recognizing that business owners have a fundamental right to move their financial data seamlessly into the tools they rely on. By voluntarily building this direct infrastructure now, Loop is moving ahead of the regulatory curve and setting a new standard for transparency. This move proves that financial providers don’t need to wait for government mandates to empower businesses with true data sovereignty and the operational efficiency that comes with it.
“We are treating accounting connectivity as a core product feature, not an afterthought,” added Pastoll. “This launch is another step in our mission to automate the administrative burden of running a business, so founders can focus on growth.”
The new Direct API integrations are available immediately to all Loop customers at no additional cost. Users can activate the connection directly from their Loop dashboard settings.
About Loop
Loop is a modern financial platform built for Canadian businesses that operate globally, backed by leading fintech investors including Luge Capital and Mistral Venture Partners. By combining multi-currency corporate cards, local global accounts, and FX management into a single platform, Loop enables companies to send, receive, and spend money around the world without hidden fees or friction.
SOURCE Loop Financial Inc.
