Xero expands NAB partnership

Xero customers with National Australia Bank accounts will be able to make enquiries for new business loans from within their accounting dashboard.

According to Xero, the integration between the two companies will remove the burden of compiling business financial statements and automatically provide customer approved data to NAB.

The two companies signed a partnership in April so that Xero’s software-as-a-service accounting package would connect to NAB’s core API.

The move has allowed Xero users who are also NAB customers to more quickly set up feeds from their NAB accounts into the cloud-based accounting application.

Xero customers have linked more than 7000 NAB Internet banking accounts to their accounting dashboard, receiving direct bank feeds automatically.

In addition, Xero announced new integration agreements with online lender Moula, foreign exchange platform OzForex and CGU Insurance.

By connecting their accounting platform to the preferred providers, Xero customers can receive same-day loan approvals and access international payments from the providers.

The company plans expand its integration with other financial services providers in the coming months.

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