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Leading online accounting software, Xero recently collaborated with City National Bank – the banking subsidiary of City National Corporation (CYN - Snapshot Report) – to boost financial management for small businesses (SMBs).

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 forecasting.

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 business clients.

City National Corporation currently carries a Zacks Rank #3 (Hold). Some better performing West banks include BofI Holding, Inc. (BOFI - Snapshot Report), Glacier Bancorp Inc. (GBCI - Snapshot Report) and Preferred Bank (PFBC - Snapshot Report). All these stocks carry a Zacks Rank #1 (Strong Buy).

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