Xero’s strategy for building the ‘financial web’ is all about making it easier for small businesses to connect with their bank and their accountant. It is designed to facilitate an “open banking” system so that small businesses and accountants have control of their financial data and can access better banking, lending, and growth opportunities.
Today, we’re pleased to announce that we’re taking another step forward towards an open banking system by collaborating with Citi. Citi is an ideal company for Xero to work with because it has been a leading advocate for open banking. For example, open-source tools like Citi® Developer Hub are designed to integrate with fintech companies and consumer brands to create new experiences for their customers globally.
The foundation of Xero’s “financial web” is direct bank feeds — that’s because direct feeds provide customers with the ability to access their banking data within Xero. Citi’s Open Banking proposition utilizes OAuth, an open standard, enabling mutual small business customers to grant Xero access to their Citi account information without providing their Citi login and password.
Xero America’s President Keri Gohman says, “Xero is pleased to partner with Citi to help small business owners put their financial data to work. This is an exciting step forward in our progress towards building a financial web that makes it easy for small businesses to connect with their bank and their accountant to better understand how money is flowing in and out of their business.”
Xero and Citi are joining forces to open banking. The collaboration is the latest in a number of relationships Xero has built with financial institutions around the world — including NAB in Australia, Barclays in the UK, DBS in Singapore and ASB in New Zealand — that build a financial web to give businesses greater access and opportunities to grow using their financial data