Accountancy software firm Xero and Australian bank NAB have partnered on a payments solution for small businesses. Xero NAB Payments automates the accounts payable process by sending payment instructions directly from Xero to NAB.
Australian businesses using the Xero platform that have NAB internet banking will be able to instruct multiple bill payments at a time through Xero and be able to approve their bill payments in the NAB mobile app.
A select group of business customers have participated in a pilot of Xero NAB Payments over the past few months.
“The more systems that talk to each other, the better” said Andrew Haynes, founder of Kindred Accounting and pilot participant. “It’s intuitive, reduces the risk of human error and speeds up the process of paying bills”.
Businesses can now send payment instructions of up to A$40,000, depending on their daily NAB limit. Users will be notified of the status of their payments as they update in NAB and know that their suppliers have been paid on time. They will receive digital records of all payments in Xero. Before submitting a bill payment instruction in the solution, businesses will be alerted of any potential errors, such as a missing payment field or incomplete account numbers.