Initial integrations and preferred provider agreements through Xero’s open API have been secured with online lender Moula and foreign exchange platform OzForex, with CGUInsurance, part of the IAGGroup, to be integrated soon. Xero also indicated it will expand integrations with other financial services providers in coming months.
And, an existing partnership with the National Australia Bank (NAB) is to be expanded, with Xero users soon able to make enquiries for new business loans from within their accounting dashboard.
Today’s announcements of the new integrations and the impending launch of the expanded NAB services agreement were made at Xerocon, Xero’s customer conference in Melbourne.
Drury said that since the launch of an “industry-first integration” with NAB in late July, Xero customers have linked more than 7,000 NAB Internet Banking accounts to their accounting dashboard, receiving direct bank feeds instantly and automatically.
On the integrations with Moula, OzForex and (soon to be) CGU, Ben Styles, Head of Strategic Partnerships, Financial Services at Xero said that “by working with the best financial service providers in their fields, we can help solve some of the known challenges that small businesses face.”
“This means they have more opportunities to grow, greater control over their costs, and can operate with greater levels of financial protection. We are looking to expand the program to more providers and services.”
Styles said that by securely connecting their accounting platform to the preferred providers, Xero customers can receive same-day loan approvals and access simpler international payments from the providers at the click of a button, “potentially saving thousands of dollars each year.”
Xero has also flagged a new pending release that will facilitate accountants using its platform to get more automated insurance estimates.
Styles cited recent comments by the Minister for Small Business, Bruce Billson, identifying access to credit as a key problem affecting small businesses around Australia.
“Small business loan applications are rejected at twice the rate of larger businesses, and they are often required to pay higher interest rates on average.
“The integrations, announced at Australia’s largest accounting technology conference Xerocon, form part of Xero’s vision to connect small businesses with the financial services they need.
“Moula, OzForex and soon CGU Insurance are all preferred providers in the digital financial services space. By integrating with many innovators, Xero can use its scale in Australia and globally to foster innovation in financial services with unprecedented connectivity to small businesses.”