Xero’s software-as-a-service accounting package will connect to NAB’s core API under a partnership announced by the two companies.
The move will allow Xero users who are also NAB customers to more quickly set up feeds from their NAB accounts into the cloud-based accounting application.
“NAB customers will now be able to connect their banking information to Xero instantly and seamlessly, providing greater visibility of their cash flow in real-time and across all accounts,” said NAB executive general manager digital and direct banking, Adam Bennett, in a statement.
“Small businesses will no longer have to wait up to ten days to have their bank accounts connected to their accounting software, with all of the work being done for them instantly.”
The deal represents a first for Xero.
“Ever since we introduced bank feeds in Xero eight years ago, our customers have loved the ability to link their bank accounts with their online accounting software to get a better view of their cashflow,” Xero Australia MD, Chris Ridd, said in a statement.
“Now Xero customers who bank with National Australia Bank will get best-in-market, direct bank feeds, making it much easier to track finances and help their business’s succeed.”
The accounting software firm has 200,000 customers in Australia.