The Finofo blog

Xero, a dynamic player in cloud-based accounting software, has rapidly grown its customer base, particularly among small and medium-sized businesses. It stands out for its flexibility and user-friendly interface, making financial management accessible and efficient.

As many of you might already know, HSBC Canada has now been acquired by the Royal Bank of Canada (RBC). This development comes after the government approved the sale of HSBC Canada, along with its subsidiaries, to RBC for $13.5 billion in December 2023. Currently, HSBC Canada is in a phase of transition to RBC, and this process is expected to continue for the next few months.

For over half a century, Swift has been the predominant messaging network for international payments. Established in 1973 and initiating its first message within the network in 1977, Swift has become essential to the global economy. It is the sole ecosystem linking over 11,000 financial institutions across more than 212 countries.

Transit and institution numbers are essential for banking in Canada, used to identify branches and banks for transactions. In this article, we'll explain what these numbers are and how to find them.

In the USA, ACH and Fedwire routing codes are essential for identifying banks during transactions. Learn more about these codes and where to locate them in this article.

When Canadian businesses look southward to the vast market of the United States, they're met with a web of banking complexities, the most tangled of which is the Taxpayer Identification Number (TIN). This isn't just a bureaucratic formality; it's a significant barrier. This guide cuts through the complexity, exploring what a TIN is, why it's a challenge, and how a fintech solution like Finofo is changing the game.

In this article, we explore DuitNow, Malaysia's innovative payment network. We'll discuss its key features, benefits, and how it is revolutionizing financial transactions across the country. Learn how DuitNow enhances payment efficiency and security, making it a vital component of Malaysia’s financial infrastructure.

Today marks a significant milestone for Finofo. We are stepping out into the world to reveal what we've been passionately working on. But you may be wondering, what exactly is Finofo? Why are we working in this space? Allow me to share our story, so you can understand our mission and hopefully join us on this exciting journey.

The Clearing House Automated Payment System (CHAPS) is a high-value payment system in the UK, primarily used for large, time-critical transactions. Renowned for its reliability and efficiency, CHAPS is often employed for significant financial exchanges like property purchases or large corporate transfers, providing same-day settlement as long as instructions are received within the cut-off time.

The top 5 accounts payable metrics finance leaders should track in 2025 and how to use them to transform accounts payable into a powerful growth engine.