Xero and Wells Fargo have announced a partnership that allows data to be shared more easily between Xero and Wells Fargo. This relationship frees up businesses to focus on what they do best, which is drive the engine of the global economy.
Rod Drury CEO at Xero, recently wrote about "The Financial Web", which incorporates a network of organizations sharing financial data, promises to connect financial institutions and small business owners, unlocking massive productivity and growth. He stated, "The combination of limited access to capital, complex and time consuming financial processes, and the lack of confidence in business data has stifled growth and job creation in small businesses — the biggest sector of our global economy."
According to Drury, the relationghip/intergration between Wells Fargo and Xero allows Xero to better serve and help give small businesses better access to, and control of, their financial data so they can grow and thrive in the US.
Xero recently exceeded 700,000 subscribers around the world, including 62,000 in North America. Drury continued by saying, "Together with Wells Fargo, we will help small businesses capture a true picture of their financial position and empower our mutual customers to control their financial data. We believe this will fundamentally rewire how small businesses operate, and light a fire in the engine room of our economies."
Brett Pitts, Head of Digital for Wells Fargo Virtual Channels stated, “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
Xero already has relationships with Silicon Valley Bank and City National Bank in the US, with more in the works. The company also has integrations with Paypal and Stripe as well. The company also has five of the top six banks already running direct feeds to Xero, which gives Xero coverage for over 90% of UK’s small businesses. The company has connections with 50 Australian financial institutions and relationships with all the large banks and a third of all New Zealand’s small businesses.
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. According to Drury, the technology relationship with Wells Fargo is an example of how the financial web is growing. He further stated that as the company works to extend the small business financial web, they will continue to empower customers to harness the power of their data and banks to better serve their customers.