Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Xero and ASB launch Business to Bank payments

Xero and ASB launch Business to Bank payments

29 April 2014

Small businesses can now save hours per month in accounts payable processing, thanks to a joint initiative between Xero and ASB Bank. The next generation banking model allows businesses to have invoices initiated for payment from within Xero and approved and released from within the ASB FastNet Business online banking product.

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.

ASB Executive General Manager – Technology & Innovation Russell Jones says, “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.

“With our ASB Mobile Business app, it’s even easier as our business customers can authorise payments from literally anywhere with mobile coverage. This gives time back to busy business owners allowing them to focus on managing and growing their business or spending time with the family.”

Xero banking and payments expert Matt Vickers says, “The innovation partnership with ASB is allowing us to improve and simplify the workflow process between accounting and banking, making life easier for small business owners.”

“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. This latest initiative leverages that connection by allowing customers to initiate payment instructions and send them securely to the bank for authorisation and release.”

“This is world-class banking that is being noticed across all our markets and we hope will become a standard banking service over the next few years,” says Vickers.

Melanie Morris, President of the New Zealand Bookkeepers Association, says her members will be thrilled about this new innovation. "Our members can now do more for the many busy small business owners we serve. To have the ability to expand on our current service delivery using technology is always great.

“This will also save many businesses considerable hours per month, freeing them up to focus on being in front of their customers, not in the back room doing the books."

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

About Xero
Xero provides beautiful, easy to use online accounting software for small businesses and their advisors. The company has over 280,000 paying customers in more than 100 countries around the world and is listed on the NZX and ASX. For more infomation, see www.xero.com

About FastNet Business
FastNet Business is a multi-user banking system, designed for organisations that are too complex or too busy for ASB’s FastNet Classic online banking. It lets business owners and managers create any number of users, and assign appropriate levels of access and authority to keep control of their finances without having to do it all themselves. For more information, see www.asb.co.nz.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news