Bank of New Zealand (BNZ) has announced a partnership with Waddle from Xero, the innovative invoice finance platform, to launch CashFlow Plus, a new digital invoice financing product for businesses.
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. The lending is secured against the unpaid invoices, meaning there’s no need to put up additional security, such as property.
BNZ Executive, Customer, Products and Services, Karna Luke, says, “Cashflow is key for any business, but as economic conditions put the squeeze on local businesses, it’s even more critical for SMEs.
“We’re focussed on helping our customers with innovative digital solutions that speed up payments, reduce costs and get money in their hands quickly,” he says.
BNZ is the only tier one bank in New Zealand offering invoice financing as part of its range of business lending options, and the new partnership with Waddle is a total, digital-first revamp of BNZ’s existing invoice finance offering.
“We are thrilled to be partnering with Waddle to launch a new invoice financing product, CashFlow Plus. 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,” he says.
Waddle Founder and Director, Simon Creighton, says, “We’re passionate about making it easier for businesses to access the capital they need to grow and thrive. 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. Existing customers should engage their BNZ Partner, while prospective BNZ customers can visit the BNZ website to register their interest.
BNZ 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.