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Kiwibank launches support for next-gen banking

Media Release

Kiwibank launches support for next-gen banking

25 June 2014

More Kiwi businesses are set to enjoy the benefits of streamlined communications between their accounting and banking, with Kiwibank today announcing its support for Xero’s next-gen banking.

Kiwibank’s business customers using Xero will now have better visibility and control over their finances, allowing them greater responsiveness to changes in business, saving time and increasing productivity.

Kiwibank Chief Executive Paul Brock says, “The latest Xero integration enhancements represent Kiwibank’s commitment to improving productivity for New Zealand businesses. Accounting and banking is a natural pairing, so the decision to improve integration with Xero and streamline the process for our customers was simple.

“Our business customers can now quickly set up feeds for Xero and they, or their accountant, can prepare statements in Xero and send them securely to their internet banking account, ready to be checked and authorised by the business owner. This streamlined approach will provide more time for business owners to focus on doing what they do best - running a business.”

Xero banking and payments expert Matt Vickers says, “As the walls continue to come down between accounting software and internet banking, the traditional friction in dealing with banking systems is disappearing. Beyond the simple flow of transaction data from the bank to the accounting system, Xero’s next-gen platform allows instructions to be seamlessly sent to the bank from Xero, allowing accounts and feeds to be created automatically.

“This results in time saved in accounts payable processing, making life easier for the business owner and allowing them more time to focus on running their business.

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

Xero’s next-gen banking service is now available to Kiwibank Internet Banking for Business customers.

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