Xero tightens link with NAB

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Xero tightens link with NAB

The National Australia Bank will allow Xero to connect with its API for the first time, meaning Xero users can connect their bank accounts online without waiting for the bank to complete the process.

The feature could help Xero users avoid waiting up to 10 days to have bank feeds connected, according to Xero. NAB users will be able to access the feature via NAB Internet banking from May.

Xero users will be able to reconcile their invoices, understand tax obligations and track cashflow in real-time, with NAB feeds refreshed daily.

While other banks offer integrated bank feeds, NAB is the first Australian bank with core API technology linked to Xero’s accounting cloud ecosystems and allowing an "instant" connection, claims Xero.

It’s not the first example of Australian banks expanding their involvement in software as a service. In February St George started promoting an online portal under the name MyBusiness Connect, offering a single login for access to Saasu, backup service MozyPro, CRM tools and other cloud services, starting at $25 a month.

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