No slowing of pace for Xero
Cloud based accounting software provider Xero has signed up three more Australian financial players, albeit small regional operators.The selling point for the New Zealand headquartered Xero is that it facilitates direct feeds between businesses and their accountants. The Xero platform allows instructions to be sent to a bank, with accounts and data feeds created automatically. This results in time saved in accounts payable processing, especially for small businessesThe software provider proved its case with CBA's NZ subsidiary ASB earlier this year and is now actively working to build up clients in the Australian market. Ten were added in the last 12 months. The three new direct feeds are: IMB - The oldest building society in New South Wales with around 180,000 members. Rural Finance, provider of banking services to the Victoria region, in particular to the agricultural business sector. Maitland Mutual, with clients in the Maitland and Hunter Valley regions of New South Wales, one of the oldest building societies in Australia.Following the completion of these latest deals, Xero is linked into 17 Australian financial institutions, including all the major banks.