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.