Businesses with bank accounts at New Zealand banks ASB and TSB could set up bank feeds and direct payment links to cloud accounting program Xero without the need for paperwork.
A business with ASB FastNet Business could switch on feeds automatically from their bank’s online banking screen and no longer had to fax a signed approval form to the bank. Xero sent batch payments directly to the online banking screen for approval, eliminating the need to create and upload an .aba file.
The development was part of Xero’s ongoing push for tighter integration with financial institutions it described as “banking 2.0”. Banking integration product manager Matt Vickers previewed the developments at Xero’s New Zealand conference in February and said that more banks would integrate directly with Xero in the future.
“It’s kind of like how before there were malls, we used to be a branch on a corner. Everyone moved and that’s what it feels like with the cloud. We moved to the new mall, we need to stay relevant,” Steve Jurkovich, executive general manager from ASB at Xerocon Auckland 2014 in a video on the Xero blog.