ANZ Bank to offer Xero SaaS

ANZ Bank to offer Xero SaaS

Summary: Software-as-a-service provider, Xero, has announced a partnership with ANZ Bank that will see its products offered to the bank's over 450,000 small business customers.

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TOPICS: Cloud, Banking, SMBs
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Software-as-a-service provider, Xero, has announced a partnership with ANZ Bank that will see its products offered to the bank's over 450,000 small business customers.

The exclusive partnership will see Xero's online integrated banking and accounting services distributed to willing customers and advisors in Australia, although the regional agreement also provides potential opportunities for the SaaS provider in Singapore and New Zealand. Xero doesn't have an agreement with any of the other banks, according to the company.

The small businesses will pay Xero for the services directly, as well as receiving support. Xero's monthly pricing starts from $29 per month and ranges to $64 per month.

Nick Reade, ANZ general manager, small business said of the partnership, "We know that managing cash flow is one of the main issues for small businesses. The integration of Xero's software provides our customers with a simple and convenient solution to manage their cash flow and provide greater transparency around trading performance."

When asked why ANZ chose Xero specifically, ANZ's Reade said that the product was a "good fit". "Customers who register with Xero should find it easier to manage their business finances as they are able to integrate their business accounts activity with their ANZ Internet Banking account," he said.

The ANZ partnership will add to Xero's current customer base of over 17,000 across 50 countries, with Xero CEO Rod Drury enthusiastic about the partnership. "We're excited about the prospect of working on more sophisticated integration between our respective online systems for the convenience of our customers," he said.

The company's main competitor, MYOB, has its own online accounting SaaS; Live Accounts is currently in beta testing with a release date to be set at the end of this month.

Topics: Cloud, Banking, SMBs

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11 comments
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  • Saasu is a much better solution in my opinion with 10 years of experience and a much greater feature set than Xero. MYOB is too little too late.
    anonymous
  • @JamesC4 (who works for Sassu obviously) I tried both and stayed with Xero, it's just so easy to use and it talks to everything.

    This is a really good move for ANZ and Xero, especially Xero. just wish instead of 19.95 and 39.95 Plans they had 9.95 (for their lowest) 29.95 (for the 39.95) and 59.95 for even more transactions. Basically the small and large packages are useless for 99% of small businesses, it's a real pitty they could do much better with better packages and pricing.
    developmint
  • This is quite amusing considering this software was developed in NZ and like MYOB neither product actually gets the tick of approval from Government... except IAM on the SBR.gov.au site.

    I wonder if ANZ realize Xero is actually an inferior product.. hope it didn't cost them anything...
    The Cherry Ox
  • Wouldn't $249 per annum, no caps be better?
    Wouldn't you want to use one that Local, State and Federal government (Treasury Dept) have agreed as being the "only" accounting software to meet all the criteria of the 9 reporting agencies in Australia?

    Why use an inferior NZ or US product that doesn't account for GST properly... Maybe I'm missing something.... but over 12,000 SME's have jump onto IAM since launching last week.
    The Cherry Ox
  • Again, look at the Treasury Dept and why are they telling 1.4million ABN holders to use the software from the SBR.gov.au website?

    10 years in development and it beat MYOB, Xero to getting the sacred seal of endorsement and is the only accounting software to carry to SBR logo?
    The Cherry Ox
  • Wow, a series of BIG claims here. First a declaration of interest: I am a Xero dealer, so not neutral (but then not sure of the neutrality of the previous contributors to this thread).

    So let’s look at a few of these claims:

    “10 years in development and it beat MYOB, Xero to getting the sacred seal of endorsement [from SBR]”

    But the SBR website states “we have not undertaken any independent testing of the software products and the listing of software products on this page does not constitute an endorsement of the software products or the software developer by us”.

    Or how about this one:

    Wouldn't you want to use one that Local, State and Federal government (Treasury Dept) have agreed as being the "only" accounting software to meet all the criteria of the 9 reporting agencies in Australia?

    SBR is an initiative of state and federal government only, as far as I am aware there is no local government input. Neither the Australian Federal or any of the state or territory governments have agreed that [IAM] is the only accounting software to meet all the criteria of SBR. IAM have! That is they have self assessed, which is a bit different to being endorsed.

    Or how about:

    “Why use an inferior NZ or US product that doesn't account for GST properly... Maybe I'm missing something.... but over 12,000 SME's have jump onto IAM since launching last week."

    Perhaps you can explain how the “inferior NZ or US” products you refer to fail to account for GST properly (because now I think it’s my turn to miss something).

    And if IAM had 12,000 users in the first week I guess you must be up around 100,000 now – maybe you can confirm how many (if any) of these “users” have paid for the product? Or is your 12,000 just a measure of website hits?

    At the moment I think I’ll stick with recommending Xero to my clients. At least the claims Xero make are supported by the facts!
    Rhys2011
  • I dumped MYOB for Xero 10 months ago and couldn't be happier. It is a great product, I can access from anywhere, and so can my accountant.
    nick102a5
  • It may have been a good move for ANZ to partner with IAM at the time because ANZ were not aware of the ONLY SaaS modle, SBR Enabled full application accounting software called IAM.
    And how many Xero users can lodge their last quarter BAS online under SBR last week or the week before?

    Xero is not the best online accounting product nor is it the most cost effective on the market and if you actually spoke to people who are flogging Xero like industry groups you get a different story.
    The technology behind IAM is far superior.
    The Cherry Ox
  • Can you use Xero to directly lodge your Sept BAS? Did it make the grade and get the tick of approval from SBR?
    The Cherry Ox
  • Xero is a company that has just blown 15 million of investors money and hasn't been making a profit yet. They are still struggling in Australia. I wouldn't bet on that horse just yet...
    Azizi Khan
  • Nominal Small business Accounting software is an Australian software which is SBR approved for PAYG, TFN and PAYG.

    It provides a full featured double entry bookkeeping system, as well as some more interesting features such as advanced paypal integration, business dashboard and the simplest time billing.

    you can check it out at www.nominal.com.au
    Uri - founder
    nominalaus