Xero and Wells Fargo’s data sharing agreement benefits SMEs
Xero has recently announced a new deal with banking and financial services firm Wells Fargo to give SME owners greater control over what information from their Wells Fargo account is shared with advanced digital accounting and data sharing platform Xero.
How does it work?
Thanks to this new agreement, SMEs that use Xero’s software will have access to a more reliable data sharing platform (that belongs to Wells Fargo).
In a similar way Facebook lends itself to Airbnb and Spotify’s login process, this platform doesn’t need Xero customers to share their Wells Fargo username and passwords as they will continue to use their Xero account across both interfaces
How can I benefit?
The new deal will introduce a broad selection of service improvements for SME owners through this data sharing platform, including:
- Security of transaction and company details
- Efficiency of login and cash-flow monitoring
- Versatility of financial operations
Brett Pitts, Head of Digital for Virtual Channels at Wells Fargo, commented: “In an era of increasing concern about the security of electronic financial data, it is time to move toward more secure and more reliable data exchange methods… We’re creating a much better experience for our shared small business .”
The move also sets a precedent that indicates the direction in which the market is moving. Other major banks are likely to sign up on similar terms, enabling Xero to become even more integrated with the financial processes of SMEs.
If you want to find out more about how advanced accountancy software can streamline your operations, call on the experts at 3 Wise Bears today.
