BNZ Internet Banking Service For SMEs

27 November 2003

Bank Of New Zealand Launches Internet Banking Service For Small To Medium Businesses

Bank of New Zealand has launched an Internet Banking service that is specifically targeted to the small to medium business market.

Internet Banking for Business, meets the banking needs of those businesses with ten staff or less, but can also be used by any customers who require two signatories on an account, or need to make multiple payments.

Bank of New Zealand’s General Manager for Business, Mike Skilling says the new service gives small to medium-sized business customers greater control of their banking needs.

“Our business customers have made it clear that having a cost effective and easy to use Internet Banking service that is specifically tailored to meet their needs is an important business requirement. This new service will meet some of those needs.”

Prior to the launch of Internet Banking for Business, many business customers used PC Banking, a product more geared toward large corporate organisations, or other business-related services which did not take full advantage of the technology and convenience the Internet has to offer.

“Customers had to either fill in a number of different forms and fax them to us, or save the data onto a disk and then courier the disk to our processing centre, so this new service will save customers time, save them money and reduce the chance of error,” Mr Skilling said.

One of the key features of the service is providing access to multiple users. The customer, as account owner, can set up access for a number of different users so they can view account information and action tasks, such as make payments to suppliers, depending on their authorisation level.

Some of the other key features of the new service include:
- Allowing business customers to view up-to-date transaction details and account balances online
- Allowing users to make one payment to a number of people at the same time, rather than requiring a separate transaction for each, for example, salary payments
- Users can set up a one-off template to pay bills, payroll etc, on a regular basis
- Other business associated transactions such as ordering statements, chequebooks and funds transfers can also be made.

Internet Banking for Business uses industry standard security measures to ensure customer accounts are as safe as other Bank channels such as ATMs, Phone Banking and the Branch network.

Mr Skilling says practical advice on how customers can protect themselves from account / Internet fraud can be found at www.bnz.co.nz.

Customers should also visit www.bnz.co.nz to find out if Internet Banking for Business is right for them.

ENDS

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