Xero, the online accounting software company, announced Wednesday (May 10) a partnership with Capital One Financial Corporation to simplify direct bank feeds, credit card data and the bank reconciliation process.
In a press release, Xero said the partnership will empower millions of small businesses to make more informed financial decisions. With direct, secure integration through Capital One’s new application programming interface (API), small businesses will be able to connect their Capital One financial data to their Xero cloud-accounting solution through a fully digital process.
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.
“We are thrilled to partner with Capital One, a bank focused on driving innovation using machine learning, artificial intelligence and automation to simplify the financial lives of their small business customers. Together, Xero and Capital One will connect small businesses to the financial services they need to grow and thrive,” said Keri Gohman, Xero Americas president, said in a press release announcing the deal. “The integration with Capital One will enable millions of small business customers to connect and exchange information digitally, giving entrepreneurs an on-demand view of their financial position so they can make more informed business decisions.”
Xero said in the press release the growth of the financial web, where a network of organizations connect and share financial data in order to drive their business, is transforming the way the economy operates. Many of the world’s leading financial institutions now share this vision.
Capital One and Xero are demonstrating their commitment to an open API-based ecosystem to unlock the power of the financial web for all mutual U.S. small business customers.