Westpac launches new Business Online Banking

21 March 2007

Small and Medium Sized Businesses Driving Change in New Zealand Financial Services Sector
Westpac launches new Business Online Banking to respond to their needs

New Zealand’s burgeoning small to medium size business culture is inspiring innovation in the financial services sector that is quite unique to this country, according to Westpac New Zealand.

Responding to high demand from customers, Westpac has launched Business Online banking - a comprehensive online banking and financial management tool, designed specifically with smaller companies in mind.

Westpac’s General Manager of Business Banking Bruce McLachlan says the Business Online banking package provides multi-user access with varying access controls for different users, making it ideal for companies requiring two or more people to authorise transactions.

Key features of the Business Online banking package include making bulk payments to multiple third parties and regular payment templates. Payroll facilities allow businesses to pay staff as well as other major businesses from a list of more than 800 companies already set up – including power, phone and gas.

The system can also be tailored and integrated into a company’s own accounting system and allows users access of up to 100 accounts.

“Anything from transferring between accounts to paying tax can be done online, with the greater flexibility of extended banking hours and ease of use,” says Mr McLachlan.

Designed to reduce the costs and time associated with business banking, the service offers businesses increased flexibility and greater control over their finances.

Craig Petersen, Managing Director of Fruit Handling Systems, says Westpac’s Business Online Banking provided him with a timely financial management solution.

“My Dad always handled the finances in our business and when he unexpectedly passed away I was left trying to manage the books on top of my duties as Managing Director. Business Online Banking has allowed me to hire a part time employee to set up bill payments that I can then approve.

“I frequently travel for work and Business Online Banking provides the flexibility to approve payments after hours both at home or abroad. This has resulted in cost and time savings so I can concentrate other things,” said Mr Petersen.

“Westpac understands New Zealand’s small to medium sized businesses and we want to provide them with the banking tools they need to succeed.

“This is a powerful resource for our existing customers and a major drawcard for any business prospects reinforcing our position as the number one bank in the market for business customers,” says Mr McLachlan.

For more information about Business Online banking visit www.westpac.co.nz

ENDS

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