3 minute read

Xero partners with Capital One

Capital One, a top 10 US bank, has an innovative use of technology and data to give a new and simpler banking experience to customers. They share with Xero the vision of creating a new financial web, and so a natural partnership is formed. The two are teaming up with the aim of giving small businesses greater control over their financial data.

The financial web is based

around data exchange and incorporates sharing this financial data through a network or organisations. Small businesses will connect to creative solutions that will help their company thrive.

Small businesses can integrate securely with Capital One’s new application programming interface (API), connecting their Capital One financial data with Xero. This offers them a cost-effective, scalable and smart connection to the financial services they need and gives them an on-demand and simplified view of their business’s financial state through direct bank feeds, credit card data and bank reconciliation processes, enabling them to make increasingly informed financial decisions to directly benefit their business.

Small businesses get more financial control

data sharing for small business customers and give them more control over the financial data shared with Capital One. The Vice President of Enterprise Digital Products and Data Connections at Capital One, Becky, shares how security of data is increased:

“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.”

“Through the direct data-sharing API partnership with Xero, our mutual small business customers will benefit from much greater security. They can also have access to accurate and stable data, and control and transparency over how and when they choose to share their Capital One financial data.” partnerships with over 100 other financial institutions around the world, and global payments integrations with PayPal and Stripe.

Small businesses are starting to see productivity and growth boosted, particularly relating to assessing capital, due to the data-driven nature of the financial web where accounting and baking systems are connected. Forward-thinking finance and tech companies know that there is huge opportunity in catering for small businesses and are moving towards connecting them with innovative solutions and technology.

Xero has seen how integrating with banks around the world has been extremely valuable to over 1 million Xero subscribers. The financial web makes it possible for banks and customers to securely exchange information whilst giving greater confidence in financial data.

In order to connect Xero and Capital One, a login is not required. Instead, the new Capital One API uses Open Authorisation (OAuth) to give token-based authentication to Xero to access businesses’ account information.

The partnership with strengthen

The power of a global financial web

Xero already integrates not only with big banks globally but with leading small business banks also, to serve small businesses and improve their access to important financial services. Xero also has Xero is the leader in small business cloud accounting in Australia, New Zealand and the UK. In unlocking and unleashing the power of the financial web, it can completely turn around and spur on the way that small businesses work.

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