Well known now around Australia and New Zealand, online accounting software company Xero has today announced a major integration with Wells Fargo, a US bank serving one in three households and more than three million small businesses across the United States.
A stepping stone to achieving Xero’s goal of the ‘financial web’, in which the company envisions networks of organisations sharing financial data to help better understand their customers and their needs, the integration will see Xero and Wells Fargo enable two-way data sharing, with Xero feeding back to the bank their customers’ enriched accounting data.
Brett Pitts, head of digital for Wells Fargo Virtual Channels said, “We’re incredibly pleased that Xero is the first major technology company to join us on the journey of creating a more customer-focused model of sharing data between companies that have common customers. In an era of increasing concern about the security of electronic financial data, it is time to move toward more secure and more reliable data exchange methods.”
The link up with Wells Fargo is just the latest for the New Zealand-founded Xero, which also has relationships with Silicon Valley Bank and City National Bank in the US, and added UK bank Barclays to its roster earlier this year. It also has connections with 50 financial institutions in Australia.
The company states that North America is its fastest-growing market, with 62,000 subscribers, and 700,000 worldwide.
Xero CEO Rod Drury stated that the company is committed to growing the number of relationships it has with top-tier financial institutions.
“Establishing financial relationships in online accounting is at the core of the new financial web – which is the flow of data between banks, accountants, and small businesses. Our technology relationship with Wells Fargo is an example of how the financial web is growing,” he said.
“As we work to extend the small business financial web, we’re empowering customers to harness the power of their data and banks to better serve their customers.”
Xero also announced today it will be expanding its Australian team, opening another 50 jobs across areas including sales, marketing, business services, and product development as it looks to boost its workforce to 305 by the end of the year.
Trent Innes, managing director of Xero Australia said, “What we are building in our backyard is having real, global impact for over 700,000 paying subscribers around the world and we’re proud to be creating more jobs in Australia.”
Image: Trent Innes. Source: BusinessInsider.