Following hot on the heels of ASB, Kiwibank has also launched support for next-gen banking with Xero, providing further validation of the vision to bring internet banking and accounting software closer together.
Kiwibank has added support for automated provisioning to their business banking customers, who can now quickly set up feeds for Xero. They can also send payments from Xero back to internet banking for approval.
By creating connections between Xero and the data and systems provided by the banks, businesses can have better control of their financial position. Plus, with the help of their advisors, they can now react more responsively to changing business dynamics.
But our vision goes beyond the simple flow of transaction data from the bank to the accounting system. Our platform will allow customer instructions to be seamlessly sent to the bank from Xero, which allows accounts and feeds to be created automatically. This removes the traditional friction associated with dealing with banking systems, while providing better visibility and control over a small business’s financial position.
And this is just the beginning. When customers connect Xero with the banks and their systems, their businesses can take advantage of additional banking products and services. This will allow them to react faster than ever before, and give the banks more opportunities to help their customers be successful.
By establishing relationships with ASB Bank, TSB and now Kiwibank, Xero is opening up new opportunities for small businesses to interact with their banks. This will save them time, improve their financial visibility and, ultimately, give them even more control over their business and its financial needs.
To use this service, sign in to internet banking and visit Your Settings & Services, click on Xero Services and follow the instructions.
And for our Australian customers, direct feeds have arrived for:
Rural Finance – provides banking services to the Victoria region, and in particular to the agricultural business sector. More details are in our Help Centre. Feeds are available now.
Maitland Mutual – services clients in the Maitland and Hunter valley regions of New South Wales, and are one of the oldest building societies in Australia. They’re providing feeds to Australian customers. Feeds are available now.
IMB (Illawarra Mutual Building Society) – is the oldest building society in New South Wales and the third largest building society in Australia. We are currently transitioning existing IMB customers over to direct feeds – we’re accepting applications now and feeds will start on the 9th of July. More details are available in the Help Centre.
Our current list Australian direct feeds is available in our Help Centre. More to come soon.