Cloud accountancy software player Xero has signed a deal with US bank Wells Fargo to integrate financial transaction feeds for clients.
Wells Fargo says Xero is the first major technology company to help the bank create a more customer-focused model of sharing the data of common customers with other companies. “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,” says Brett Pitts, head of digital for Wells Fargo virtual channels. Wells Fargo serves more than three million small businesses and one in three households in the US. The deal is a milestone for Xero in the US and its global growth plans. Xero, a New Zealand-founded and ASX-listed company, has 717,000 subscribers around the world. North America is the company’s fastest growing market with more than 62,000 subscribers.