Xero Australia managing director, Chris Ridd, said the new capabilities provided by this connection will give small businesses vital information they need to more easily reconcile their invoices, understand their tax obligations, and track their cash flow in Xero in real time.
“Ever since we introduced bank feeds in Xero eight years ago, our customers have loved the ability to link their bank accounts with their online accounting software to get a better view of their cash flow,” Mr Ridd said.
“Now Xero customers who bank with National Australia Bank will get best-in-market, direct bank feeds, making it much easier to track finances and help their businesses succeed.”
NAB customers who use Xero will be able to set up their bank feeds online and receive secure, real-time confirmation in both NAB internet banking and Xero. Once established, these feeds will appear the next morning and refresh daily.
NAB is the first Australian bank with core API technology linked to Xero’s accounting cloud ecosystems.
This level of connectivity creates a secure line of communication between NAB internet banking and Xero’s accounting dashboard, allowing small businesses to instantly connect their NAB banking products with the click of a button.
The partnership will also provide opportunities for customers to benefit from additional services including NAB product and lending enquiries accessible within Xero.
NAB executive general manager digital and direct banking, Adam Bennett, said small businesses and their advisers –including accountants, bookkeepers, and financial advisers – could now spend less time entering data and filing paperwork, and more time on helping to grow their businesses.
“NAB customers will now be able to connect their banking information to Xero instantly and seamlessly, providing greater visibility of their cash flow in real time and across all accounts,” Mr Bennett said.
“Small businesses will no longer have to wait up to 10 days to have their bank accounts connected to their accounting software, with all of the work being done for them instantly.”