We’re thrilled to announce today at Xerocon San Diego a new integration with Novo. A US-based fintech company aimed at innovative entrepreneurs and small business owners, Novo enables users to set up a bank account directly from their phone, providing a better banking experience that delivers real-time insights into your business. Now, Novo’s customers will receive transaction information directly in the Xero platform, giving them an up-to-date view of their cash flow.
Building on Xero’s global leadership in the financial web, Novo is the first US-based financial institution to integrate with Xero’s global bank feeds API, launched in late 2018. Once business owners securely connect their Novo transaction accounts to Xero, they will receive real-time data directly in their accounting ledger, cutting down on time spent reconciling transactions, and increasing data accuracy.
Small businesses need world-class tools to run world-class operations. Our integration with Novo allows us to continue building the global financial web through partnerships with the world’s largest banks and emerging fintechs, providing small businesses and their advisors an up-to-date view of their cash flow and important insights into how their business is performing. Having this data means businesses can make smarter decisions, faster, and with the right information, all on the Xero platform.
This new integration also demonstrates the success of the Xero bank feeds API, which enables banks, fintechs and financial institutions of all sizes to give small business customers faster access to financial data directly from the platform. With the Xero bank feeds API, financial institutions can dramatically improve time-to-market for direct integrations as they gain access to a consistent developer platform to serve their customers. Now, financial institutions of all sizes across the world — from fintech startups to major institutions in developing regions — can connect to the small business platform via the API, accelerating Xero’s vision to connect businesses with vital data from hundreds of sources in one platform.
The latest integration builds on the existing connections Xero has with more than 200 financial institutions globally, including Wells Fargo and Capital One and BBVA in the US, and CIBC in Canada.