ASB and Xero announce further streamlining services

Wednesday, 11 December 2013, 12:39 pm
Press Release: ASB Bank

ASB and Xero announce new services to further streamline business banking

ASB Bank and Xero have added new services to make business banking with ASB and accounting with Xero even easier for customers.

“ASB business customers can now set up all their transaction feeds online, with no fuss, within our FastNet Business internet banking service,” says Steve Jurkovich, ASB Executive General Manager Corporate, Commercial and Rural.

“Previously, setting up a transaction feed was a paper-based process that took several days to process, but now ASB’s business customers can instantly set up and manage their own feeds. They just click the accounts they want to add to their overnight Xero feed, and then match their ASB accounts to Xero.”

ASB’s transaction feed sends details of participating ASB customers’ deposits and withdrawals directly to Xero at the end of every day. Business owners, accountants and bookkeepers can then reconcile and code their bank transactions each morning, instead of entering the details manually at the end of the month.

“This is a huge time saving, and means business owners and their advisors can ‘see’ their finances and spending every day, rather than relying on a monthly view. They can save time, stay in control and have the confidence that they know at any point exactly how their business finances are tracking.”

ASB has also become the first New Zealand bank to offer backdated transaction feeds, to include all transactions going back to a date specified in past 12 months and, using Xero fast coding, can create a set of financial reports in just hours. This makes it easier for businesses to join Xero at any time during the financial year, without having to do two sets of accounts at year end.

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Earlier in 2013, ASB and Xero formed a strategic alliance to work together for the benefit of their mutual customers, developing opportunities to make working in ASB’s business online banking and Xero’s online accounting system even faster and easier.

“We have been working with ASB to make business banking easier, simpler and faster for ASB customers using Xero’s online accounting systems,” says Rod Drury, Xero Chief Executive. “We see these innovations as the beginning of the future of banking, and we’re pleased that a bank like ASB is leading the way. We’re constantly working to improve online functionality together, and will be rolling out more features soon.”

ASB was the first bank to introduce automated bank feeds and is one of the few banks to provide those reports seven days a week. ASB now supplies more types of account feeds than any other New Zealand bank, including credit cards, loans and foreign currency accounts.

ENDS

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