Sharing a vision of creating a new financial web, Xero is partnering with Capital One, a top 10 US bank, to give small businesses greater ability to control their financial data.
Based on data exchange, the financial web, which incorporates a network of organizations sharing financial data, enables small businesses to connect to innovative solutions to help them grow and thrive.
Capital One is a natural partner for Xero, known for its innovative use of technology and data to deliver new and simplified banking experiences to customers.
With a direct, secure integration through Capital One’s new application programming interface (API), small businesses will be able to connect their Capital One financial data with their Xero cloud accounting solution through a fully digital process.
Together, Xero and Capital One are offering small businesses the connection to financial services they need in a cost-effective, scalable and intelligent manner. With an on-demand view of their financial state, through simplified direct bank feeds, credit card data, and bank reconciliation processes, small business owners will be able to make more informed financial decisions.
Giving small businesses more control over their data
The Capital One API leverages oAuth capabilities to provide Xero with tokenized authorization to access account information requested by customers, without the requirement that customers directly provide Xero with their login credentials. The integration will strengthen data sharing security for Capital One Small Business customers and grant more control over the financial data that they choose to share.
Becky Heironimus, Vice President of Enterprise Digital Products and Data Connections at Capital One, says that entrepreneurs should have access to their financial data in a secure environment.
“As technology brings new waves of financial tools into the market, we believe that it’s important for all consumers and small businesses to have the ability to safely, securely and transparently share their transaction data with third parties that they trust,” Becky explains.
“Through the direct data-sharing API partnership with Xero, our mutual small business customers will benefit from much greater security, access to accurate and stable data, and control and transparency over how and when they choose to share their Capital One financial data.”
Florian Marschoun, Co-Owner of BellaEva Photography based in Kahului, Hawaii leverages the Xero and Capital One relationship to cut down the administrative burden of running his business.
“The ease of use of Xero and Capital One made them both an easy choice,” Florian explains. Having a fast overview of our current financial situation as well as automated, secure bank feeds are the most important features of an accounting platform.
“I spend a lot of time managing my business, doing everything from client communications to building our website to financial planning. Anything that helps me save time on administrative work is a bonus.”
Unlocking the power of a global financial web
In the US, Xero integrates with leading small business banks including Wells Fargo, Silicon Valley Bank and City National Bank to serve the millions of small businesses and improve access to vital financial services.
It comes off the back of other relationships that Xero has in place globally with Commonwealth Bank and National Australia Bank in Australia, Barclays in the UK as well as more than 100 other financial institutions around the world and global payments integrations with PayPal and Stripe.
The data-driven nature of the financial web, where information flows between accounting and banking systems, is starting to unlock productivity and growth in small business markets, especially when it comes to accessing capital. Forward-thinking financial institutions and technology companies are realizing the small business economy is brimming with opportunity and are making a shift to connect them to innovative solutions.
At Xero, we have seen how valuable our banking integrations have been to our more than one million subscribers around the world. The financial web enables banks and customers to meet and exchange information securely while providing greater confidence in underlying data.
The leader in small business cloud accounting in Australia, New Zealand and the UK, Xero believes unlocking the power of the financial web can fundamentally rewire how small businesses operate, lighting a fire under the engine room of our economies.
You can read the full press release here.
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