Businesses in PNG now have the opportunity to have more reliable and enhanced access to their daily cash flows through Kina Bank’s newly launched product, Kina Xero Bank feed.
“This kind of innovation will be ground-breaking for businesses in PNG,” Kina Chief Transformation Officer, Mr Ivan Vidovich, said.
Through a collaboration with global fintech, Xero, Kina has developed and launched its new platform, Kina Xero Bank Feed, which is a cloud-based software that provides online tools to manage everyday business needs.
“The platform essentially acts as a digital link between your Kina bank account and your Xero accounting software. It will provide businesses with access to real-time cash flow data so they are in a better position to make informed decisions about their business and be more efficient. Apart from that, it is a major time-saving tool,” said Mr Vidovich.
Samson Korawali, Chief Executive Officer, of SNS Tech was involved in the trial phase of the product and says it has had a very positive impact on his business, after going live with it recently.
“We’ve been using the Xero Bank Feed for two weeks in full production and it has made an immediate impact on our business. The set-up phase was really straightforward and easy to connect. We had the Kina team there to guide us, as well as access to the online user guide,” said Mr Korawali.
“We were spending time every week catching up on reconciliations and ensuring everything was balancing, it was really time-consuming. But now our accounting feeds are updated every three minutes.”
Mr Korawali went on to say that his accounts and sales team can now actively keep track of payments and see when funds reach their account, all of which saves time for his business.
Kina Xero Bank Feed was designed with the intention of freeing up time for SMEs from an accounting point of view by providing real-time data. The digitisation of SMEs in PNG will allow for accelerated business growth.
Mr Vidovich said Kina Bank prided itself on being the leading digital bank in PNG and for playing a key role in assisting in the growth of the PNG economy. He said helping businesses operate more efficiently was part of that.
Mr Vidovich said, “Efficient businesses are more likely to be more profitable and that benefits the whole community.”