MYOB Enters Strategic Supply Agreement

MYOB Enters Strategic Supply Agreement With Banklink

MYOB has entered into a strategic supplier agreement with New Zealand-based provider BankLink for the supply of bank transaction data to be used in a range of new MYOB products.

MYOB CEO Tim Reed says the data service will form part of an innovative series of new offerings from MYOB, Australasia’s leading business and accounting solutions provider.

“Choosing BankLink as our data supplier will allow us to provide greater choice, and convenient, secure and robust solutions for businesses and accountants,” says Tim Reed.

“By selecting a company with such a strong reputation and a broad network of established clients throughout Australasia, we will be adding even more value, more options and more control for our customers and partners.”

Mr Reed says BankLink is a locally owned success story, which has been working with banks and accountants across New Zealand and Australia for 23 years to streamline the accounting process for small business clients.

BankLink works with over 100 financial institutions and 4,000 accountants in New Zealand and Australia, managing more than 10 million transactions per month from over 350,000 accounts – up to five times more than any other bank data supplier in the region. MYOB provides accounting solutions to over 1,000,000 Australian and Kiwi businesses and over 10,000 accountants in practice.

“BankLink shares a similar approach to MYOB, in that they work closely with the accountant community to deliver solutions that are tried and tested – a vital approach when you are dealing with a business’ essential financial data. We believe that combining the market presence and depth of knowledge of the combined organisations will be a winning combination,” says Mr Reed.

“They also provide the highest level of security when handling bank data, which offers real peace-of-mind for businesses that want to know their information is being protected by an extremely reputable and stable local provider, which has been operating in the market over the long term.”

BankLink chief operating officer Richard Reese says the agreement is an exciting opportunity for BankLink. “This arrangement is a significant endorsement of our technology and expertise in the secure collection and delivery of data. It’s also an opportunity to extend into a new market while staying focused on what we do best.”

“By providing BankLink data to MYOB’s new products, we are able to extend our data offering into a new market – those small businesses who want to manage their own accounting solutions,” says Mr Reese.

“BankLink will continue to focus on the 4,000 accounting practices across Australia and New Zealand who use The BankLink Service to provide small business clients with a range of accounting services. We will continue to provide our complete range of BankLink products and services, including some exciting new products due to be released later this year.”

Tim Reed says the new data feeds will be available in a range of new products to be released to both Australian and New Zealand businesses over the coming months.

“This agreement will allow transactions from over 100 banks and financial institutions to be imported directly into MYOB products in the future, bringing real time savings for businesses. By importing items like sales and supplier payments directly, businesses will no longer need to spend time entering data,” said Mr Reed.

“We have made a significant commitment to innovation over the coming years. We will be spending over NZ$30 million per annum on research and development for the next three years and introducing the next generation of our family of software for businesses and accountants that marks a step-change in technology,” says Tim Reed.

“We’re also focused on providing more innovation and more choice to benefit Aussie and Kiwi businesses.”

“In doing so, its fantastic to be working with industry-leading businesses like BankLink, which – like MYOB – have built on the experience of more than two decades to help make life easier for local businesses and accountants.”

ENDS

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