We are witnessing another step towards simplification of processes while bringing ease, efficiency and control of small businesses coming closer to business owners. National Australia Bank (NAB) and Xero are working together to offer NAB and Xero customers to make payments from within the Xero accounting system. This will, in essence, eliminate the need to login separately in to the banking system to make payments.

“I think we will look back one day and say ‘I can’t believe we used to take payment information from our desktop and import it manually into banking software’,” said Xero Australia’s Managing Director, Trent Innes. He is expecting other Australian banks to follow this course.

“Ultimately it comes down to customers being able to work in their channel of choice, and we should be removing the friction to make it as easy as possible to go about their daily business.” Jon Davey, Executive General Manager, Digital, NAB Labs & NAB Ventures at National Australia Bank.

In our view it is a matter of time when small business owners will have deep control of their businesses. The control and expertise of certain areas of business, which, as of now, concentrate more in the hands of specialists, will eventual move closer to the business owner. These innovations are a clear indication of how doing and controlling business is becoming easier day by day and where we are heading in future.

Source: Financial Review, Rask Media