Xero, a global leader in cloud accounting software, announced last week that it is collaborating with BBVA API Market to give Xero users access to their BBVA Compass accounts through the bank’s Open APIs. The collaboration will provide small businesses, upon their consent, with greater control, reliability and security over their financial data and for accountants it will make managing their clients’ reconciliation activities easier – freeing up their time for more value-added services.
The integration leverages a set of application programming interfaces (APIs) through BBVA API Market to be used for bank account data sharing. The integration with Xero’s cloud-accounting solution will give small businesses who are customers of BBVA Compass an on-demand view of their cash position, along with greater data sharing security through a fully digital process. Moreover, this integration will streamline core accounting functions such as bank reconciliation to save small businesses time and resources.
“This partnership is a key milestone for Xero,” said Mary Buckley, Head of Financial Partnerships, Xero Americas. “Like Xero, BBVA API Market embraces open APIs to provide small businesses and their advisors with greater control, visibility and security over their financial data. We’re thrilled to be the first cloud accounting platform to announce a collaboration with BBVA API Market for this type of data sharing in the US.”
Together with their trusted advisors, small business owners can better manage daily bank reconciliation activities and understand cash flow in real time. Business owners can make smarter decisions, fueled by a feed of accurate and comprehensive financial data without the hassle and costly mistakes caused by out-of-date cash flow information.
“BBVA API Market allows companies of any size and from numerous industries to easily integrate financial services directly into their product offerings. They can create new and innovative services that offer added value to their customers, monitor and analyze payments, verify identity and notify customers, and much more...all with the support of a global financial institution,” said Rob Sears, Global Head of Product and Open Platform, BBVA New Digital Businesses.
Added Buckley, “Xero is committed to working alongside innovative banks to ensure small businesses have secure access to their banking data, enabling them to get paid faster, access capital when they need it and make sound business decisions with the right insights at their fingertips.”