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Xero and Commonwealth Bank unveil new innovations in small business banking

Posted 4 years ago in Xero news by Trent Innes
Posted by Trent Innes

At Xero, we’re always looking for ways to improve the way our customers do business and become more efficient. That’s why we’ve spent the past few years building relationships with the financial institutions and banks that they use every day. This way they can get can get an accurate view of their financial standing faster and more efficiently, and make smarter decisions with their bank of choice.

From today Xero has the best bank feed coverage in the market for customers of the Big 4 Australian banks.

We’ve found that same passion in Australia’s biggest bank, Commonwealth Bank. And today we’re announcing the first in a series of innovations with Commonwealth Bank that will set a global standard of excellence for convenient small business banking.

Xero + Commonwealth Bank

From July, Xero and Commonwealth Bank customers will be able to:

  • get direct bank feeds for more Commonwealth Bank accounts, including business loans
  • set up bank feeds without using any paper forms, scanning, or snail mail — all of it in the cloud
  • go directly to NetBank and set up feeds to Xero — the new secure connection between Commonwealth Bank and Xero does all the hard work
  • skip the 10-day waiting process for new bank feeds — now bank feeds start arriving from your Commonwealth Bank accounts the next day

These new features are all about making it faster, simpler and more efficient for small businesses to connect to their financial platform of choice. For the first time, businesses will be able to initiate Xero direct feeds from within their online banking. Commonwealth Bank customers can set up bank feeds from either their Xero or their NetBank account instantly by computer, tablet or phone.

What’s more, it’s all done online, so there’s no paperwork. Thanks to Commonwealth Bank’s technological capabilities, the entire process — from choosing and applying for a bank account to setting up a direct bank feed — can be done online for almost all account types. This makes it much more convenient for small businesses to set up and use.

Work more efficiently with your advisor

Our bookkeeping and accounting partners consistently say direct bank feeds are one of their favourite features within Xero and it’s easy to see why. Instead of checking their business bank accounts and accounting ledger separately, or having two different data sets, small business owners and their advisors can do everything in one view, all in the cloud. We’re enabling them to get an up-to-date view of their cash flow, ending the stress of monthly bank reconciliation and catch-ups, and fundamentally changing how they operate their business.

The tens of thousands of Xero subscribers who bank with Commonwealth Bank will get faster, more accurate banking information that will drastically reduce the time it takes to reconcile their bank transactions. It opens up the possibility of further innovations that will make it easier for small businesses to access other services more quickly and efficiently.

The financial web is quickly taking shape around the world. We now have direct feeds with 60 financial institutions and 243 different account feeds spanning many hundreds of bank products in Australia alone. And we’re continuing to grow both the number of banks and the number of accounts available to small businesses. This is a strong beginning to what we believe is a powerful financial web that can help Australia’s small businesses grow faster than ever.

Building the financial web

Around the world, our partnerships are growing too. Last month, we announced an integration with Wells Fargo, the largest small business bank in the US, adding to those we have with Silicon Valley Bank and City National Bank. In the UK, we have direct banking feeds with five of the top six banks including Barclays. And in New Zealand we’re working with ASB among others.

The financial web is not just about banks either. We’re working with Moula and OFX, for instance, to provide best-in-class financial services to our customers, and offer payments integrations from Paypal, Stripe and numerous other payments providers.

By growing the financial web through integrations with Commonwealth Bank and other banks globally, we can help small businesses access the capital, services and information they need to flourish and thrive.

8 comments

Dale Reardon
July 12, 2016 at 8.05 pm

Hi – this is terrific but any chance of somehow integrating Bpay? For example at the moment you can hook up Stripe to Zero and send someone an invoice letting them pay with Stripe. If we could hook it into our CBA Bpay facility and let them pay via Bpay that would be terrific. Bpay is really cumbersome with having to generate codes and then reconcile. Wish there was a way to make it work with WooCommerce.
Dale.
https://mydisabilitymatters.com.au

Chris
July 16, 2016 at 9.00 pm

This company is changing the world. Love it

Jack
July 17, 2016 at 1.12 am

When will we be able to pay bills directly from Xero with the commonwealth bank!?

Dave
July 21, 2016 at 11.43 am

You do realise that the incumbent MYOB have been doing this for quite a while and with more than the top 4 banks. I think they even guarantee the best bank feeds in the market, money back style. Good work Xero on playing catchup to the incumbent.

Trent Innes
July 21, 2016 at 2.54 pm

@Dave appreciate your interest in bank feeds into Xero. You’re correct in that CBA provides some direct feeds to other providers for some of their accounts, Xero users also previously had access to these particular feeds.

The innovation that we’ve announced recently is focussed on the set up or origination of these feeds. Previously you would have had to fill out a manual form and send it through to the bank in order for them to connect your account(s) to your accounting software for feeds to start flowing in. This process could take up to 10 days, even longer if there was an issue with the details provided in the form.

Now, CBA and Xero have fully automated this process. You can either set up the feeds within Xero, or if you are already logged in to your NetBank account you can set them up in your Internet Banking portal. No need to fill out and submit a paper, manual form, and no waiting days and days to start receiving your data via feeds – the automation of this process allows CBA to connect your account(s) instantly with feeds beginning the following business day.

Along with the automation of feed setup CBA have also expanded the number of account available via direct feeds for Xero users, so all major bank account types are now available.

Xero invests significant time, effort and resources into bank feeds as we know having access to transactional data within our users’ accounting platform is vital to the running of an efficient, successful business.

I’d encourage you try out the new solution, we’d love to hear any feedback you may have.

Cheers Trent – Xero MD, Australia

Janet Aitken
August 17, 2016 at 11.11 am

Hi Trent. This is good news for those CBA customers on Netbank but a lot of business’ use the CBA online business banking – Commbiz. For those customers the application still has to go through paper and not only that, it has to go directly to the bank (not Xero bankfeeds) and must be mailed, not emailed..
Are there any plans to change that process?

Janet

Danny
July 1, 2018 at 11.25 am

The problem with CBA Commbiz is that it does not allow users to mark EFT’s as payroll. This means anyone with access can go and see the payroll files. I have worked with NAB and ANZ and both of their systems allow you to upload EFTs and mark them as payroll. Their systems then allow an easy setup for users where you can authorise users whether they have access to payroll files or not. CBA commbiz unbelievably doesn’t have this function, so users be warned.

Tristan Alexander
July 13, 2018 at 3.05 pm

Seems only AUD accounts can be connected.

Does Xero / Commbank support foreign currency accounts syncing automatically?

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