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Commonwealth Bank streamlines bank feeds

One of the Australia’s largest banks, Commonwealth Bank, has introduced a progressive Xero bank feed application process for their business customers. From today, CBA NetBank customers can apply for Xero feeds from directly within NetBank.

If you are a CBA NetBank customer with independent signing rights on your business accounts, a paper form is no longer required to get feeds up and running.

  • Log into online banking, and visit the Manage Your Accounts section.
  • Under Accounts, click ‘Set up a transaction feed to Xero’.
  • Enter the Xero organisation name that you’d like to share feeds with, and choose the accounts you’d like feeds for.
  • Acknowledge that you agree to the terms and conditions, and submit the application.

CBA has also made it possible to go directly to the ‘Set up a transaction feed’ form.

Your feeds will be created for you automatically, and because there are no paper forms to sign, scan and send, your feeds should be up and running within a few short days.

We recognise how important bank feeds are to business owners and this year we’ve been actively talking to a number of our partner banks about how to increase the range of bank feeds available for different account types and how to make the overall application process easier.

We expect that over the next one or two years small businesses will see more and more banks forming a closer integration with Xero, and we applaud the Commonwealth Bank of Australia for taking the initiative in providing this service to their customers.

If you’re a NetBank customer who hasn’t yet set up their feeds with Xero – now is the time!

 

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8 comments

JC
13 August 2012 #

Awesome

Cassandra Scott
13 August 2012 #

Fantastic news! A ten day turnaround on establishing a feed for a client can be a turn-off. Will be great to see other banks get on board with this process.

Chris
13 August 2012 #

Any indication whether ASB will follow?

DB
13 August 2012 #

Excellent news, and a great result for CBA customers!

Darren McMahon
13 August 2012 #

Great news. Well done by the CBA.

Andrew Haynes
13 August 2012 #

Still my favourite bank!

Ben Wood
13 August 2012 #

Great to see CBA leading the innovation once again. Does this apply to CommBiz accounts as well?

Matt Vickers
14 August 2012 #

@Chris – There is no news on other banks at this stage.

@Ben – Just NetBank customers, though I have passed on the CommBiz request to CBA.

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