Leading online accounting software, Xero recently collaborated
with City National Bank - the banking subsidiary of
City National Corporation
) - to boost financial management for small businesses (SMBs).
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Customers of Xero and City National Bank will be able to access
financial records with a direct link between their online
accounting and bank data. This deal is Xero's first
partnership with a banking company in the U.S.
Xero and City National Bank accounts provide overnight delivery
of the previous day's bank transactions into Xero's
accounting and bookkeeping workflow.
This new partnership offers a precise and comprehensive view of a
business' capital, and eradicates chances of probable holdup or
slip-ups due to long waiting times. This enables small businesses
to take suitable decisions in a more prompt manner. The software
operation helps businesses to manage a diverse range of
activities, ranging from daily transactions to long-term business
Xero is committed to bridge the gap between online banking and
cloud accounting to give small businesses a precise picture of
their financial shape. City National Bank's commitment to aid the
growth of small businesses is the primary reason for Xero's
association with it.
We believe that City National Bank's association with Xero will
prove to be beneficial for small businesses. With cloud computing
gaining popularity among businesses, the deal will be lucrative
for City National Bank, as it will help in attracting more small
City National Corporation currently carries a Zacks Rank #3
(Hold). Some better performing West banks include
BofI Holding, Inc.
Glacier Bancorp Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).