Tuesday, 29 April 2014 15:04

Xero, NZ’s ASB Bank launch B2B cloud payments solution in Australia Featured

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Online accounting software company Xero has released its next-generation banking model in the Australian market following on from a joint initiative with the Commonwealth Bank’s New Zealand subsidiary, ASB Bank.

In what Xero describes as a “world-first model for cloud accounting”, the online integration between ASB FastNet Business and Xero is designed to streamlines business-to-business payments.

“Small business owners, or their bookkeeper or accountant, can now prepare payments in Xero and send them securely to FastNet Business, ready for the business owner to check and authorise, saving several hours per month,” says Xero banking and payments expert, Matt Vickers.

“This innovation allows us to improve and simplify the workflow process between accounting and banking, making life easier for small business owners.

“We see this model as the future of banking and believe it’s a logical step for Australian banks to incorporate this technology and become a standard banking service over the next few years.”

Vickers says that with customer consent, data could “flow between the two worlds – making each product that much more useful.”

“If a customer wishes, financial data could be passed back to the bank for a variety of services - for payments, for a loan application, or for signing-up to additional services.”

According to Vickers, this “world-first model for cloud accounting” is the latest in ASB and Xero’s partnership, which sees the organisations working together to improve the small business customer experience and enhance productivity.

“Our first initiative with ASB was to start automated bank statement feeds from within their online banking platforms, rather than via paper forms. This latest initiative leverages that connection by allowing customers to initiate payment instructions and send them securely to the bank for authorisation and release.”

The service is now available to all Xero customers who use ASB’s FastNet Business multi-user online banking platform.

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