ASB says strategic alliance gives it more integration with Xero than any other NZ bank

ASB says strategic alliance gives it more integration with Xero than any other NZ bank

ASB says it's now offering business customers a range of services through its strategic alliance with Xero that make it more integrated with the online accounting software provider than any other New Zealand bank.

The bank says its business customers can now set up transaction feeds within its online business banking service, FastNet Business.

Transaction feeds on offer include credit cards, term deposits, loans, and foreign currency accounts.

And, ASB says, it has also introduced backdated transaction feeds, which the bank claims as a New Zealand first.

"This means your first account feed will include all transactions going back to a date you specify in the past 12 months. That makes it easier to join Xero at any time during your financial year, without having to do two sets of accounts at year end," the bank says.

"With these new services, no other bank in New Zealand has as much integration with Xero. As well as online provisioning and backdated transaction feeds, you can also import bills for payment into FastNet Business, using the payment information already entered in Xero. That cuts down on double entry, saving time and minimising mistakes."

ASB announced a strategic alliance with the Rod Drury led Xero in February.

Simon Pomeroy, Westpac's head of digital banking and customer experience, told interest.co.nz last week his bank was seeking "true integration" for small and medium sized business customers with accounting software providers like Xero and MYOB.

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