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ASB and Xero launch new services to streamline business banking

ASB and Xero launch new services to streamline business banking

Customers can now set up all their transaction feeds online, says Steve Jurkovich, ASB executive general manager corporate, commercial and rural.

ASB Bank and Xero have added new services to make business banking with ASB and accounting with Xero even easier for customers.

“ASB business customers can now set up all their transaction feeds online, with no fuss, within our FastNet Business internet banking service,” says Steve Jurkovich, ASB executive general manager corporate, commercial and rural.

“Previously, setting up a transaction feed was a paper-based process that took several days to process, but now ASB’s business customers can instantly set up and manage their own feeds. They just click the accounts they want to add to their overnight Xero feed, and then match their ASB accounts to Xero.”

ASB’s transaction feed sends details of participating ASB customers’ deposits and withdrawals directly to Xero at the end of the day. Business owners, accountants and bookkeepers can then reconcile and code their bank transactions each morning, instead of entering the details manually at the end of the month.

Related: Inside ASB's Innovation Lab: Making digital money ‘tactile’ and ‘tangible’

“This is a huge time saving, and means business owners and their advisors can ‘see’ their finances and spending every day, rather than relying on a monthly view. They can save time, stay in control and have the confidence that they know at any point exactly how their business finances are tracking.”

ASB says it is also the New Zealand bank to offer backdated transaction feeds, to include all transactions going back to a date specified in past 12 months and, using Xero fast coding, can create a set of financial reports in just hours.

Earlier in 2013, ASB and Xero formed a strategic alliance to work together for the benefit of their mutual customers, developing opportunities to make working in ASB’s business online banking and Xero’s online accounting system even faster and easier.

“We have been working with ASB to make business banking easier, simpler and faster for ASB customers using Xero’s online accounting systems,” says Rod Drury, Xero chief executive. “We see these innovations as the beginning of the future of banking.”

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