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28 Jun 2015

POSTED BY Yezen Nwiran IN IT & Technology, PR & Online Retail, S2M News | Jun 28th, 2015 | no responses

Xero and ASB collaborate to bring business payment cloud solution

Xero and ASB have recently launched a cloud based business-to-business payment banking model that will allow small business owners to raise invoices and approve them online. This will immensely enhance the online customer experience, as business owners will be able to arrange payments in Xero and drive them through ASB’s FastNet business platform.

With the use of the cloud-accounting technology, businesses can save valuable time to give their customers rather than downloading these statements and than spending time checking and authorising them. The cloud accounting model is the world’s first model that is available to Xero customers on ASB’s FastNet business platform. With the use of the technology, business owners can authorise payments from anywhere, as long as their mobile is in coverage area.

According to Russell Jones, ASB Executive General Manager, Technology & Innovation, the online integration will make the life of a business owner, accountant and bookkeeper a lot easier as it will restructure business-to-business payments model. People will save a lot of time by just preparing the payments in Xero and them sending them through ASB FastNet Business platform after authorising them online.

Matt Vickers, Xero’s banking and payments expert also shares the same sentiment as he thinks that the new affiliation will make the work flow processes easier and streamline things between banking and accounting. He further added that unlike the earlier process where business owners have to download the bank statements and run them through accounting software, the cloud accounting will save a lot time. Using the platform, they would be able to online two way connection integrating accounting and banking processes.

The process will give the ability to banks to create mechanised bank statement feeds using their online banking platform rather than traditional way of filling our various forms. Hence, the technology is expected to make the lives of business owners a lot easier with enhanced online customer experience. 


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