Menu
UPDATED: Xero to bring world-first banking model to Australia

UPDATED: Xero to bring world-first banking model to Australia

Commonwealth Bank subsidiary already using service in New Zealand

Xero has announced plans to bring what it describes as a world-first banking model to Australia for business to business payments.

The online accounting software firm made the announcement following a joint initiative with Commonwealth Bank New Zealand subsidiary ASB Bank.

The partnership began at the beginning of 2013, with automated provisioning launched earlier this year.

The software currently integrates Xero Cloud based accounting software and the FastNet Business service from ASB.

The company said the software will streamline business-to-business payments. According to Xero, small business owners, bookkeepers, or accountants will be able to prepare statements using the software and send them securely to FastNet Business. The recipient can then check and authorise payments, saving several hours a month according to the firm.

Xero said with customer consent, data could flow between the two entities. Business would be able to send financial data to the bank for payments, loan applications or signing up to additional services.

Xero product manager banking, integration and experience, Matt Vickers, said the innovation allows the company to improve and simplify the workflow process between accounting and banking.

“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.”

"What we have developed is not exclusive. Any bank could integrate this system into their banking platform"

Vickers said the firm had proven the model and has experienced a lot of positive feedback about the service through social media. Xero are currently in discussion with a number of Australian banks about integration of the service to existing online banking platforms.

The service is available to Xero customers who use ASB’s FastNet Business online banking platform.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags business managementcommonwealth bankCBAxeroaccounting softwareASB Bankbusiness payments

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments