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Xero integrates with major bank

Xero has teamed up with a major bank to announce the launch of a new digital payment integration.

Technology Reporter 11 December 2019
— 1 minute read

Xero has announced an integration of systems with National Australia Bank (NAB) that promotes to eliminate the time-consuming and disjointed process of downloading ABA files and uploading them separately to the bank, or manually checking the status of payments.

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Australian businesses using the Xero platform that have NAB internet banking will be able to instruct multiple bill payments at a time seamlessly through Xero and be able to approve their bill payments anytime anywhere, directly in the NAB mobile app.

Ian Boyd, financial industry director, Xero Australia, said making payment instructions via Xero had been one of the platform’s most requested features to date.

“Xero NAB Payments helps business owners to manage their money more efficiently with real-time, connected and accurate information. Together with NAB, we’ve designed this solution so that small businesses can pay bills securely and seamlessly, spending less time on admin and more time on what’s important to them, growing their business or spending time with family. They can do this knowing that their bills have been taken care of and suppliers have been paid,” Mr Boyd said.

Businesses can send payment instructions of up to $40,000, depending on their daily NAB limit.

Other features of the new integration include digital records of all payments in Xero, detection of potential errors or missing payment fields before submitting a bill payment instruction, and real-time visibility for accountants and bookkeepers.

“We’ve formed a strong relationship with Xero to deliver a number of initiatives that help free up business owners to spend time with their customers and running their business, said NAB executive general manager business solutions Andy Kerr.

“Our aim is to make life simpler and easier for our customers, and this integration with Xero significantly streamlines the payments experience, while keeping approvals safe and secure via the NAB mobile app.”

Xero integrates with major bank
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