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

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news