NAB to allow payments through Xero
National Australia Bank is preparing to cede some control over its business customers to accounting software giant Xero, by allowing payments to made from within the accounting platform rather than through its internet banking site.
The deal could be the first one globally that allows core banking activity to be conducted inside cloud accounting software, and comes after the World Economic Forum predicted banks will face more competition from technology platforms for customer relationships.
NAB and Xero are on a national roadshow this week to brief Xero customers on the innovation, ahead of a closed beta trial in February and roll-out to the broader market mid-year.
Xero’s managing director in Australia, Trent Innes, said he hoped other banks would follow NAB. To pay an invoice, NAB customers using Xero will be able to push a button inside Xero rather than having to exit Xero, enter the bank website, insert the invoice data and then make the payment.
“I think we will look back one day and say ‘I can’t believe we used to take payment information from our desktop and import it manually into banking software’,” Mr Innes said.
“Ultimately it comes down to customers being able to work in their channel of choice, and we should be removing the friction to make it as easy as possible to go about their daily business.”
To read more, please click on the link below…
