Speedier business loan approvals with NAB and Xero partnership
(19 October 2015 – Australia) Cloud accounting software provider, Xero has partnered with National Australia Bank (NAB) to provide customers with a more streamlined loan approval process and response.
Business customers will now be able to file loan inquiries to NAB directly from their Xero platform, following the set-up of security measures between the bank and cloud accounting firm. As a result, small businesses can instantly connect their loans, offset accounts and credit cards between the two organisations.
Speaking to Fairfax Media, Xero Australian managing director said: "Clearly, the richness of data in Xero that the customer is able to authorise the bank to access means a more complete picture of the customer's financial health can be achieved, and this will tend to speed up any loan approval process."
Many small-business bank customers find it difficult to compile the information required by banks to get loans, Mr Ridd said.
"For the first time, small businesses can submit published reports, such as P&L and aged debtors, direct from their accounting software to the bank, so NAB can make a faster loan decision. This means less time chasing reports, compiling them, and ensuring they make it to the right person at the bank."
Xero will receive a commission from any referrals received by NAB through their system.
According to reports, the New Zealand based accounting platform is also partnering with fintech companies including OzForex and Moula to build automated banking products that incorporate with its software.
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