Xero, an online accounting software company released a next-generation banking model in the Australian market after creating a joint initiative with the Commonwealth Bank’s New Zealand subsidiary, ASB Bank.
Xero describes it as a “world-first model for cloud accounting”. The online integration between ASB FastNet Business and Xero is designed to 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, saving several hours per month,” says Xero banking and payments expert, Matt Vickers.
“This innovation allows us to improve and simplify the workflow process between accounting and banking, making life easier for small business owners”, says Vickers.
The service is now available to all Xero customers who use ASB’s FastNet Business multi-user online banking platform.
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