Xero NAB Payments will allow users with NAB internet banking to instruct multiple bill payments at a time seamlessly through Xero and to be able to approve their bill payments within the NAB mobile app.
The integration of systems between NAB and Xero has aimed to eliminate the “time-consuming and disjointed process” of downloading ABA files and uploading them separately to the bank, or manually checking the status of payments.
Ian Boyd, financial industry director, Xero Australia said making payment instructions via Xero had been one of the platform’s most requested features to date.
“Xero NAB Payments allows business owners to manage their money more efficiently with real-time, connected and accurate information,” Mr Boyd said.
“Together with NAB, we’ve designed this solution so that small businesses can pay bill securely and seamlessly, spending less time on admin and more time on what’s important to them, growing their business or spending time with family. They can do this knowing that their bills have taken care of and suppliers have been paid.”
A group of Xero and NAB business customers have participated in a pilot of the platform.
One of the participants, Andrew Haynes, founder of Kindred Accounting said the new capability was an exciting development.
“I love having my accounting software connected to my bank,” Mr Haynes said.
“The more systems that talk to each other, the better. It’s intuitive, reduces the risk of human error and speeds up the process of paying bills.”
Businesses can send payment instructions of up to $40,000, depending on their daily NAB limit.
Other features include notifications of payments as they update in NAB to show suppliers have been paid on time, digital records of payments in Xero, alerts for potential errors, security, and real-time data for accountants and bookkeepers – with them being able to see both sides of a transaction.
Andy Kerr, NAB executive general manager, business solutions, said the bank has formed a strong relationship with Xero to deliver a number of initiatives that free up business owners.
“Our aim is to make life simpler and easier for our customers and this integration with Xero significantly streamlines the payments experience, while keeping approvals safe and secure via the NAB mobile app,” Mr Kerr said.
The platform is available as an add-on for Xero subscriptions.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.