Xero & CommBank unveil innovations to transform small business banking

Xero today announced the first of many new features to be released with Commonwealth Bank, Australia’s largest bank, designed to enable mutual small business customers to make smart, informed decisions.

A world first is the ability to set up direct bank feeds from either platform. Mutual customers of Commonwealth Bank and Xero can choose to start their journey within Xero, or connect from the Xero accounting platform directly within NetBank.

This feature also accelerates the processing time of setting up Commonwealth Bank bank feeds for a small business customer from ten days to having the feeds available overnight.

It means Commonwealth Bank and Xero customers can reconcile more of their transactions automatically, and get an up-to-date view of their cashflow – from any device – with insights to help them make decisions on the fly.

The collaboration with Commonwealth Bank supports the foundation of Xero’s financial web, which incorporates a global network of organisations connecting financial institutions and small business owners, unlocking massive productivity and growth.

The announcement today is the first in a series of continuing innovations between Commonwealth Bank and Xero. Commonwealth Bank is also sponsoring Xerocon South, the biggest accounting technology conference in Australasia, as the conference’s sole platinum sponsor. Over 1,000 accounting and bookkeeping partners from across Australia, New Zealand and Asia have already registered to attend the event being held at the Brisbane Convention & Exhibition Centre from 7–9 September 2016.