Xero has partnered with the National Australia Bank (NAB) to provide a new product to help manage the way you pay suppliers. The new feature, NAB Payments, allows for better visibility, greater accuracy, and a safe and secure method for making payments from Xero.
NAB Payments allows batch payments to be sent directly to NAB instead of downloading ABA files and manually uploading them into the bank. All that is needed is NAB internet banking and the NAB app.
With NAB Payments you can send payment instructions for amounts of up to $40,000. There will be a digital record of all payments in xero, so you won’t need to manually mark the invoices as paid.
The process of using NAB Payments is very simple. Like with batch payments you select the bills you want to pay and select batch payment. However, instead of downloading the ABA file you are able to connect directly to NAB. The payments will then appear in the bank within 1 minute to be approved.
You can approve multiple payments at one time if you use the app. But if you prefer, you can still use NAB internet banking in your browser, but you’ll only be able to approve one payment at a time.
Xero and NAB are offering the first month of NAB Payments free to all Xero users.