Xero says NAB deal is a sign that the big banks are finding new ways to solve old problems

Getty/ Brendon Thorne

In a push to become more nimble in an industry which is being infiltrated by disruption, NAB has inked a deal with cloud accounting business Xero which will allow Xero customers to access business loan approvals in a faster, more streamlined way.

Fairfax Media reports that NAB and Xero customers can now file online loan inquiries to NAB straight from their Xero accounting package, instantly connecting their accounts and credit cards between the two organisations.

“This means less time chasing reports, compiling them, and ensuring they make it to the right person at the bank,” Xero Australia managing director Chris Ridd told Fairfax Media.

Ridd went on to explain that the deal was a sign that “the industry is finding new ways to solve old problems”.

“We spend a fair bit of time talking to the banks. There’s a huge amount of recognition of value of what we are doing globally, and it’s amazing to see some of the ideas that banks are coming up with to work closely with us on making running a small business easier.”

The Age has more.

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