Customers will be able to reconcile more of their business banking transactions automatically, and get an up-to-date view of their cashflow – from any device – with insights to help them make decisions on the fly.
Xero have announced the first of many new features to be released with Commonwealth Bank, Australia’s largest bank, designed to enable mutual small business customers to make smart, informed decisions.
A world first is the ability to set up direct bank feeds from either platform. Mutual customers of Commonwealth Bank and Xero can choose to start their journey within Xero, or connect from the Xero accounting platform directly within NetBank.
This feature also accelerates the processing time of setting up Commonwealth Bank bank feeds for a small business customer from ten days to having the feeds available overnight.
It means Commonwealth Bank and Xero customers will be able to reconcile more of their business banking transactions automatically, and get an up-to-date view of their cashflow – from any device – with insights to help them make decisions on the fly.
The collaboration with Commonwealth Bank supports the foundation of Xero’s financial web, which incorporates a global network of organisations connecting financial institutions and small-business owners, unlocking massive productivity and growth.
‘Small-business customers need to be connected and 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,’ said Trent Innes, Managing Director, Xero Australia.
‘We’ve worked closely with Commonwealth Bank to deliver faster bank feeds, an improved setup 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. 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.’
‘Having the ability to manage our finances with both Xero and Commonwealth Bank working seamlessly together is an exciting development,’ said Bridget Loudon, co-founder and CEO, Expert360.
‘With our Commonwealth Bank accounts feeding directly into our Xero dashboard, we’re able to get a snapshot of our financial data at any time. We can use it to make the right decisions to grow our business in Australia.’
Clive van Horen, Executive General Manager Small Business, Commonwealth Bank, said, ‘We know small businesses struggle with staying across their finances, which is why we are focused on delivering simple, intuitive functionality to make their lives easier. 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.’
