Xero and ASB launch business to bank payments

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.