Xero, ASB partner to launch new banking model

Xero, an online accounting software for small businesses, and ASB Bank have formed a joint initiative to launch business to bank payments.

Xero, an online accounting software for small businesses, and ASB Bank have formed a joint initiative to launch business to bank payments.

The new banking model enables businesses to have invoices initiated for payment from within Xero, following which, the invoices are approved and released from within the ASB FastNet Business online banking product.

This initiative seeks to improve small business customer experience and enhance productivity.

This secure two-way connection between banking and accounting saves hours per month for small businesses, in processing of their accounts payables.

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

Xero banking and payments expert, Matt Vickers, said, "Previously, business owners would manually download bank statements and then load them into their accounting software. We now have a secure two-way connection between banking and accounting. Our first initiative with ASB was creating the ability to start automated bank statement feeds from within their online banking platforms, rather than via paper forms."

ASB Technology & Innovation executive general manager, Russell Jones, said: "This online integration between ASB FastNet Business and Xero 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."