The partnership is a total, digital-first revamp of BNZ's existing invoice finance offering
Bank of New Zealand (BNZ) has partnered with invoice finance platform Waddle from Xero, to launch a new digital invoice financing product for businesses.
“We are thrilled to be partnering with Waddle to launch a new invoice financing product, CashFlow Plus,” said Karna Luke, BNZ executive, customer, products, and services. “CashFlow Plus is digital end-to-end. It’s simple, fast, and easy to use, capable of integrating with the major online accounting services to help save customers time and money.”
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CashFlow Plus allows businesses to access up to 80% of the value of their unpaid invoices quickly and easily, including on the day they are issued. And because the lending is secured against the unpaid invoices, there’s no need to put up additional security, such as property.
“Cash flow is key for any business, but as economic conditions put the squeeze on local businesses, it’s even more critical for SMEs,” Luke said. “We’re focussed on helping our customers with innovative digital solutions that speed up payments, reduce costs, and get money in their hands quickly.”
BNZ is the only tier-one bank in New Zealand offering invoice financing as part of its range of business lending options.
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“We’re passionate about making it easier for businesses to access the capital they need to grow and thrive,” said Simon Creighton, Waddle founder and director. “Powered by our technology, CashFlow Plus delivers a seamless, best-in-class digital experience for BNZ customers to help them efficiently manage gaps in their cash flow.”
CashFlow Plus is now available for business-to-business customers. To register their interest, existing customers should engage their BNZ partner, while prospective BNZ customers can visit the BNZ website.
BNZ said it will be migrating its eligible existing invoice finance customers to CashFlow Plus over the coming weeks and will be in touch directly with any customers about the move.
