MYOB announces "new era" with BankLink purchase: what it means

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MYOB announces "new era" with BankLink purchase: what it means

MYOB's purchase of BankLink gives them control over an increasingly important data source for small business accounting.

MYOB has agreed to purchase the BankLink service from New Zealand based Media Transfer Services for $NZ136 million.

What does this mean?
 
BankLink transfers transaction data from more than 100 financial institutions into accounting systems such as MYOB's AccountRight Live and BankLink's own accountancy practice software.
 
Bank feeds are an increasingly popular feature in small business accounting software as they can significantly reduce the amount of data entry required. BankLink's approach is regarded by some as more accurate and secure than other providers. The company works directly with financial institutions rather than 'screen scraping' data from Internet banking.
 
In addition to giving MYOB an even broader range of accounting systems, the deal gives the company control over an increasingly important data source for small business accounting.
 
"The coming together of MYOB and BankLink allows accountants to recommend the most appropriate accounting solution for each and every unique client," said MYOB CEO Tim Reed.
 
"Cloud solutions are replacing desktop applications; bank feeds are a key component of a cloud solution, as they are used as source data for the accounts. The benefits of automatic bank feeds are huge; they significantly reduce the time it takes to do the books," he added.
 
The plan is that all of the newly-enlarged MYOB's products will use BankLink bank feeds.
 
The acquisition is being made by MYOB Finance NZ Limited, and does not include BankLink's European business, which is to be renamed Bankstream.
 
Subject to necessary approvals, the deal should be completed by the end of next month.
 
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