New-Zealand based software company Xero has announced the first of its new features to be released by CBA.

Commonwealth Bank (CBA) is set to release new features designed in collaboration with Xero, which are set to enable mutual small business customers to connect directly between the Xero accounting platform and CBA’s NetBank.

The feature is the ability to set up direct bank feeds from either of the platforms and accelerates the processing time of setting up a CBA bank for an SME from 10 days to one. The feature is the first innovation announced from the CBA/Xero partnership venture.

The feature will CBA and Xero customers to make more transactions automatically, get up-to-date views of their cashflow and receive insight advice.

Xero Australia managing director Trent Innes said that the ventures would assist small business customers to work faster and with more efficiency to meet the demands of the modern market.

“Small business customers need to be connected and operate on the go. We believe empowering our mutual customers to better access and control their financial data fundamentally rewires how small businesses operate,” he said.

“Small business customers will experience a seamless, frictionless experience that will save our customers at least one day per month in administrative overhead.”

CBA executive general manager of small business, Clive van Horen, agreed that simple and fast solutions were needed to keep small business customers ahead of the game.

“Small businesses struggle with staying across their finances, which is why we are focused on delivering simple, intuitive functionality,” he said.

“Small businesses are yearning for these types of solutions.”