Australia: Xero, ASB Bank launches B2B cloud payment solution

Tuesday 29 April 2014 13:36 CET | News

Online accounting software company Xero has released its banking B2B cloud payment solution in the Australian market, in the aftermath of a joint initiative with the Commonwealth Bank’s New Zealand subsidiary, ASB Bank.

Xero’s solution focuses on the online integration between ASB FastNet Business and it is designed to streamlines B2B payments.

Xero banking and payments expert, Matt Vickers, comments that should a customer give consent, financial data may be sent back to the bank for a variety of services such as payments, for a loan application, or for signing-up to additional services.

Vickers adds that the purpose of the first deal with ASB was to start automated bank statement feeds from within their online banking platforms, instead of paper forms. The present deal enhances the connection by allowing customers to initiate payment instructions and send them to the bank for authorisation and release.

The service is now available to all Xero customers who use ASB’s FastNet Business multi-user online banking platform.

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Keywords: Australia, Xero, ASB Bank, B2B, cloud payment solution, online banking, online payments
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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