Xerocon shines spotlight on rapid growth of financial web

Xero have highlighted accelerating momentum in the financial web, giving small businesses more accurate insights into their business, and providing seamless access to financial services.

Built on top of Xero’s open APIs and two-way authentication with global banks and financial services, the financial web digitally connects the services businesses use into their accounting system of record, transforming the software from a reconciliation and data entry point, to a fully functioning small business platform.

With new payment providers, lending options and improved bank feed connectivity, the continued expansion of the financial web helps small businesses make smarter decisions, improve cashflow, get paid faster and access capital quickly. Accountants and bookkeepers can use the financial web to expose new services and insights for their clients, and ensure the integrity of the data they’re using.

Financial web announcements at Xerocon South – Australasia’s largest accounting technology conference bringing together more than 2000 accountants, bookkeepers, financial professionals and exhibitors from Australia, New Zealand and Asia and where Commonwealth Bank, PayPal and Amazon Web Services are sponsors – include:

Secured, trusted payments with BPAY in Australia: Xero, DEFT (a Macquarie Bank product) and Tyro are collaborating on industry-first, in-product integrations for BPAY, Australia’s most-used bill payment service.

First lending partner in New Zealand: Fuelled is Xero’s first lending partner in New Zealand and will help small businesses access the capital they need to grow.

Daily, direct bank feeds for more small businesses: Xero will soon have daily, direct feeds for some 100 financial institutions in Australia including 43 regional and industry credit unions to ensure small businesses in regional areas can get access to the same features and capabilities. In a recent survey of Xero partners, 71% said automatic bank reconciliation is their favourite feature on the platform.

Direct feeds from Xero and Commonwealth Bank: Both companies have seen significant interest from small businesses and advisors since launching a world-first integration between the bank and accounting platform. Xero and Commonwealth Bank are expanding their relationship to include direct feeds for business and corporate credit cards, making it easier for businesses to track discretionary spending and reconcile transactions as they come in.

Financial web takes hold in farming: In the last 12 months, more than 10 million budget transactions were entered in New Zealand through Xero and Figured, a cloud-based production tracking, farm budgeting and forecasting tool that works hand-in-hand with Xero. The financial web is taking hold in banked industries like farming, which are supported by substantial lending secured on farm assets.

Singapore small businesses boosted by integration: Small-business customers who bank with UOB can integrate their accounts with Xero and choose to have their transactions sent automatically from UOB to Xero every day. This allows them to check which customers have paid their bills overnight, and which bills from suppliers they need to pay.

Xero CEO Mr Rod Drury said: “Better decisions, better access to capital, better and more secure data – these are the promises of the financial web that together we are making real.”

Inside Small Business