MYOB welcomes Bank of Baroda data feeds

12 December 2014

MYOB welcomes Bank of Baroda data feeds

Indian SME community benefiting from prosperous economy - survey

New Zealand’s leading accounting solutions provider MYOB is delighted to announce it is now accepting data feeds from Bank of Baroda (NZ) Limited.

Bank of Baroda (New Zealand) is a wholly owned subsidiary of the Mumbai-based Bank of Baroda – an international Indian bank which has a presence in 25 countries. In New Zealand, the bank has branches in Auckland, Manukau and Wellington.

“We are pleased to be able to facilitate data feeds for Bank of Baroda’s growing client-base of Small Business operators,” says MYOB General Manager Engineering and Experience, Adam Ferguson. “The data feed is an electronic version of a paper statement that is delivered to the account holder, making it easier for SMEs, and their accountants, to manage monthly cashflow.”

Mr Ferguson says the Indian SME community appears to be reaping the benefits of a buoyant New Zealand economy, according to the sample of Indian SME operators in the latest MYOB Business Monitor (a survey of over 1000 SMEs in NZ conducted by Colmar Brunton). In the survey, over a third (37%) of Indian SMEs reported an increase in revenue in the past 12 months.

In the next 12 months, 32% of Indian SME operators surveyed expect revenue to increase, while 40% expect revenue to stay the same. Investment in people and infrastructure features highly in the coming year with 38% of Indian SME operators intending to hire more full time staff, 36% to increase wages, and 44% planning an investment in IT.

Bank of Baroda (NZ) Limited Managing Director Prahlad Gupta says the ability to offer secure data feeds enables the bank’s customers to better manage their accounts.

“We’re very proud to help the Indian business community in New Zealand grow stronger and more prosperous and we enjoy working with local providers such as MYOB.”

“We recognise that direct, accurate and timely data feeds is an important tool that SMEs and their accountants can use to keep track of their monthly finances. They can also use information from the data feeds to make better strategic business decisions,” Mr Gupta says.

In addition to Bank of Baroda data feeds, MYOB provides a comprehensive data feed service from all of the major New Zealand trading banks and 11 major suppliers in the rural sector.

For MYOB product information, research results, business tips, discussions, client service and more visit the MYOB website, or its blog, LinkedIn, Twitter, Facebook, Instagram and YouTube sites.

-ends-

About MYOB

Established in 1991, MYOB is New Zealand’s leading accounting software provider. It makes life easier for approx. 1.2 million businesses across New Zealand and Australia, by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory, mobile payments and more. The rural data feed process was pioneered by BankLink, a company that was acquired by MYOB last year. Twice a year MYOB commissions independent market research firm Colmar Brunton to conduct national survey of 1,000+ New Zealand small and medium business owners and managers, from sole traders to mid-sized companies, representing the major industry sectors. This most recent survey ran in July/August 2014.

About Bank of Baroda

Bank of Baroda (New Zealand) Ltd (BOB) is a wholly owned subsidiary of Bank of Baroda - India’s International Bank. BOB was incorporated on 27th May 2007. It is a registered bank since 1st September 2009 under the Reserve Bank of New Zealand Act 1989 and is the first Indian bank to foray into New Zealand. The Bank’s network in 25 countries will be advantageous to customers who have personal/corporate relations with these countries. Its leading personal remittance product - Rapidfunds2India is popular for its speed and ease.

© Scoop Media