Online accounting software provider Xero and the innovation economy-focused Silicon Valley Bank announced an integration that will provide startups and small businesses in the U.S. and U.K. with Xero’s latest financial management tools.
Xero’s online accounting solution, linked directly with SVB’s online banking platform, will give business owners overnight delivery of the prior day’s bank transactions directly into Xero’s online accounting workflow.
“Xero and Silicon Valley Bank have a common objective — to make the lives of our customers easier,” stated Jamie Sutherland, president of Xero U.S. “In fact, it wasn’t that long ago that Xero was a startup itself — so we know all too well what it’s like to be under the gun to create up-to-date financial reports for the board or quickly get an update on cash flow before making a key purchasing decision. Now with Xero’s integration with SVB’s banking platform, small businesses can get their up-to-date financial info faster than ever before.”
Businesses using Xero in the U.S. can now sign up to integrate with Silicon Valley Bank for deposit account balances and transactions and to start getting bank feeds the week of Aug. 11. U.K. clients will be able to sign up later this month.
“Our SVB Direct Connect platform integration with Xero is another important step in our organizational strategy to make it easy for our clients to bank with us," stated Bruce Wallace, chief operating officer of Silicon Valley Bank. “As the leading bank for high-growth, disruptive companies, integrating with innovative partners such as Xero is a critical strategy for SVB.”