Accounting software giant Xero has partnered with Australia’s biggest bank as the group looks to launch a series of business banking features with the major lender.
CBA partners with Xero in SME banking deal
In a ‘world first’, the collaboration will give customers the ability to set up direct bank feeds from either platform. Mutual customers of CBA and Xero can choose to start their journey within Xero, or connect directly to the Xero accounting platform within CBA’s online banking platform NetBank.
CBA and Xero customers will now be able to reconcile more of their transactions automatically, and get an up-to-date view of their cash flow – from any device – with insights to help them make decisions on the fly.
In a statement, Xero said that the collaboration with CBA supports the foundation of its financial web, which incorporates a global network of organisations connecting financial institutions and small business owners, “unlocking productivity and growth”.
“The announcement today is the first in a series of continuing innovations between Commonwealth Bank and Xero,” the group said.
Xero Australia managing director Trent Innes said small business customers need to be connected and able to operate on the go, whether it be in the office or on the job, riding the train to work or checking in on the weekend.
“We’ve worked closely with Commonwealth Bank to deliver faster bank feeds, an improved set-up process and a tighter, secure connection. We believe empowering our mutual customers to better access and control their financial data fundamentally rewires how small businesses operate,” he said.
“We’re delighted that Xero and Commonwealth Bank small business customers will experience a seamless, frictionless experience that will save our customers at least one day per month in administrative overhead.”
Clive van Horen, CBA’s executive general manager small business, acknowledged that small businesses struggle with staying across their finances.
“That is why we are focused on delivering simple, intuitive functionality to make their lives easier,” he said.
“More than 100 small businesses requested a data feed with Xero in the first 24 hours of this functionality being available, which shows small businesses are yearning for these types of solutions.”