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Xero & NAB transform the way small businesses do business

Posted 5 years ago in Xero news by Ben Styles
Posted by Ben Styles

Today we’re delighted to announce an Australian first in deep integrations between a leading financial institution and Xero.Xeor and NAB for small businesses

From May 2015, Xero Partners and their customers who bank with NAB will have coverage of all accounts available in NAB internet banking. Such large ambitions are never simple to deliver. But with the help of virtual teams across our businesses, we’ve developed a game-changing experience for NAB and Xero customers.

What can small businesses look forward to?

From May 2015, Xero Partners and their customers who bank with NAB will enjoy full coverage of NAB accounts. That’s over 200 products and 35 account types. This seamlessly integrated, automated experience gives small businesses a holistic view of their business. It will help them make decisions based on a complete financial picture. All products available in NAB internet banking will be available for Xero Bank Feeds. This includes loans, offset accounts and credit cards.

But we’re not stopping there. The two-way, online authentication opens the door to new possibilities for small business accounting. Our teams connect closely with NAB’s, and Xero will continue to lead innovation in cloud accounting.We’re working hard to bring new features to our product soon. This will allow small businesses to get on with running and growing their business.

Key facts around how we are innovating with NAB

  • This is not just an online form like some have experienced before. Feeds are set up immediately and automatically, with data flowing overnight and available the next day.
  • NAB is the first Australian bank with core API technology linked to Xero’s accounting cloud ecosystems.
  • Xero is one of the first external partners to connect through NAB’s API platform – linking a customer’s internet banking profile to their Xero account.
  • The API technology used to connect Xero and NAB has opened up new possibilities. We’re talking linking payroll, processing accounts payable, and speeding up approvals.

So if you’re a Xero customer with National Australia Bank, you’ll be invited to experience direct bank feeds. Simply put, it’s easier to track your finances when you’re on the go.

What happens next?

You’ll able to access this functionality via NAB Internet Banking from late May 2015. Keep an eye out for more information from NAB, and of course we’ll keep you in the loop too.

Ultimately, we want you to spend less time entering data and filing paperwork. This way you have more time for growing your business and working with your clients. This initiative between NAB and Xero is another exciting chapter for us. We’re working to make life easier for Aussie small businesses.

18 comments

Jonathon Rossi
April 21, 2015 at 3.28 pm

Congrats guys. I couldn’t get bank feeds for all my NAB accounts so I didn’t bother with any, but I’m glad we’ll be getting that and many more useful features in the future.

paul volpe
April 21, 2015 at 6.28 pm

Awesome stuff.
If you can deliver this……. “We’re talking linking payroll, processing accounts payable, and speeding up approvals.”……xero and nab will have the whole country as customers including me.
If its as seamless and time saving as the auto super functionality – that will be epic.

Mike Block CPA
April 21, 2015 at 10.17 pm

Congratulations on a major advance. Major banks should soon see that full cloud accounting program APIs will be far better than maintaining their own puny cloud accounting packages. They can vastly increase customer satisfaction, while giving Xero millions of new customers, especially if banks co-brand some of the software. This is what Intuit should have done with its $1.35 billion purchase of Digital Insight, instead taking a $330 million loss after six years. Multiple Xero companies (or one with good automatic tracking indicators), should split one multi-account bank feed, for separate business and personal reports. This can even give us separate reports for parents and each child.

Jerry Zhao
April 22, 2015 at 1.38 am

great news! but when would ANZ fix their saving account feeds?

Ben Styles in reply to Jerry Zhao
April 22, 2015 at 6.57 pm

Hi Jerry – we work with all the banks to help them understand the value of providing feeds for all of their products, and will continue to enhance coverage. We recommend talking to your bank directly and via social media; share our twitter announcement with your bank via twitter or facebook and let them know what you need.

Matt
April 22, 2015 at 10.07 am

Will this integration work for customers using the NAB Connect internet banking product (those of us who require two people to authorise transactions), or will it only be available on their standard internet banking platform?

The lack of feeds for NAB business credit cards has long been a hassle for us, so we’re really excited if this will finally solve it for us!

Ben Styles in reply to Matt
April 22, 2015 at 6.48 pm

Hi Matt,

This will be available via in NAB’s standard Internet Banking. Nab Connect is not covered, but if the business product is visible in Internet Banking it can be setup for feeds using the new service.

Roman Medvedev
April 22, 2015 at 12.15 pm

Wow, great announcement!

Some of NAB credit cards require feed activation via Yodlee. Does it mean that the partnership will allow for direct bank feeds even for credit cards?

Ben Styles in reply to Roman Medvedev
April 22, 2015 at 7.02 pm

Roman we’re really pleased to tell you that your credit cards will now be direct feeds with NAB. If you can see the product in NAB Internet Banking you will be able to provision feeds for that account instantly to Xero from within Internet Banking.

Heather Smith
April 23, 2015 at 11.00 am

I welcome all improvements with NAB feeds.

When a client has numerous NAB accounts, the bank interest/charges may be applied to all accounts but run through a single feed. Sorting out this is a manual exercise every month.

I can look at my ANZ bank balances and see them reflected in Xero – within a few hours.

I find it difficult to do the same with NAB.

Its been explained to me that NAB have a ‘father – son’ relationship with accounts which causes this issue.

Last week, we also saw foreign exchange charges not coming through on the feed.

I look forward to any improvements here – so we can compare apples with apples.

I am happy to liaise with a NAB rep to work through these issues, if that helps.

Pete Williams
April 24, 2015 at 1.58 am

Very exciting announcement. As a Xero and NAB customer, this is exactly the kind of thing I need more of – more automation/integration and less time sucking paper forms/manual requests. .

Ricardo
April 26, 2015 at 1.19 am

Is there an arrangement that NAB will provide awareness or exposure about Xero Accounting to their Small and Medium Business Customers? I do hope it does so Xero will increase their customers.
Not just for Xero customers with NAB bank account.

Ben Styles
April 27, 2015 at 1.07 pm

Hi Ricardo – during May all will become clear; I’m sure you will be pleased.

Matt
June 4, 2015 at 3.22 pm

The blog post mentioned this would be available in May, but I haven’t seen anything further from Xero or NAB. Is the new bank feed setup process available yet?

Ben Styles
June 5, 2015 at 4.27 pm

Hi Matt – we’re hoping to have these live soon. NAB and Xero will make sure that everyone is made aware as soon as they’re available.

Jacinta
July 15, 2015 at 6.25 pm

Hi Guys,

Still not available yet?

Ben Styles in reply to Jacinta
July 15, 2015 at 7.45 pm

Hi Jacinta; we’re as eager as you are. NAB are doing some final testing to make sure the customer experience will be great…as soon as we have a date available to us we will let everyone know. Thanks for being so patient – we can’t wait to have this in market, and we’re sure it will be worth the wait.

Ben Styles
July 30, 2015 at 11.43 am

Hi everyone – as you are probably aware, we are now live with NAB’s new bank feeds. With integration to NAB Internet Banking we’re pleased that our customers now have access to great coverage and a very simple setup process with feeds connected immediately, including your credit cards, and all flowing through to you the next day.

Check out the following from Xero:

https://www.xero.com/au/nab/

https://help.xero.com/au/NABFeed-Online

If you’re an experienced hand in Xero, or eager to get started, just login to Xero to add new bank feeds and follow the links through to complete the setup – simple!

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