What’s happening in banking and fintech – May 2018

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It’s important that our customers know how they can save time and money, and improve access to capital. Banks, small business lenders, payment providers and other fintech partners are constantly working on ways to support small businesses. This is the first of regular updates on how our financial services partners are supporting small business owners.

ANZ

ANZ has recently introduced payment upload functionality to its internet banking platform. This allows business owners to use payment files created by Xero to process payments in a more efficient way. So customers can easily make up to 20 payments at a time in ANZ Internet Banking without having to re-enter payment information already stored within Xero. To find out more visit ANZ’s online help or log into ANZ Internet Banking.

ASB

ASB is at the forefront of digital banking solutions for New Zealand businesses. Its latest innovation, Plus by ASB, just earned them a 2018 Canstar Innovation Excellence Award. It’s a clever new mobile app that is designed by small business owners. It aims to save business owners precious time by providing daily actionable insights on how their business is doing. The app’s first release is designed to help small to medium-sized businesses using Xero and other online tools including Google Analytics, Shopify or Vend, to make smart decisions on the go. Plus by ASB takes less than 2 minutes to download, and importantly it’s a free open platform which means anyone can use it, regardless of who they bank with. Moving forward we can expect more as the digital ventures team at ASB is planning bigger and better future releases.

BNZ

BNZ’s ongoing investment in digital banking and cloud technology has earned the bank a 2018 Canstar Innovation Excellence Award award. This achievement was due in large part to BNZ’s partnership with Optix to launch community101. community101 is a free co-working environment for the Christchurch business community. It incorporates a beautifully-designed collaborative office environment with smart technology to connect community101 members. Watch this space for more announcements from the BNZ digital team.

Fuelled

One of Xero’s earliest partners in the rapidly expanding field of small business cash flow lending. The team at Fuelled has recently joined forces with Heartland Bank to expand its offering and capture more of the small business market looking for short-term invoice financing solutions. The service is fully integrated with Xero which means you typically receive the cash you need on the same day. It’s a low touch, confidential funding option that could be the right solution for your business. So to find out more, check out Fuelled on the Xero marketplace.

Fundtap

Xero’s newest small business lending partner, having launched a beta of its service in March this year. In just a few short weeks, FundTap has provided funding to businesses ranging from a small florist to a large engineering firm. Other customers include a construction firm looking to smooth out erratic project payments, and a growing technology distribution business seeking quicker conversion of its accounts receivable.

Founder Matt Peacey, says, “In this age of technology, there is no reason for anyone to be mucking around with paperwork. FundTap links seamlessly to your Xero accounting system so securing funds for your business has never been easier. Your outstanding invoices turn into immediate cash so you can grow and run your business.”

Spotcap

Spotcap launched its New Zealand operation in late 2017, offering fast, unsecured business loans of up to $250k to SMBs. The application process takes as little as five minutes to complete and takes place completely online. Spotcap uses a proprietary credit scoring algorithm so that it can score businesses based on forward-thinking data. The service provides access to funds in as little as 24 hours. It also offers flexible finance solutions to common problems such as cash flow, working capital, and growth.

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