Xero, Capital One help SMEs to control financial data

Capital One has a new application programming interface (API). Through a direct integration with their API small businesses will be able to connect their Capital One financial data with their Xero cloud accounting solution through a fully digital process.

This process is achieved through an on-demand view of their financial state and through direct bank feeds. Credit card data, and bank reconciliation processes are also used. By utilising all of these, small business owners will be able to make more informed financial decisions.

The Capital One API leverages oAuth capabilities to provide Xero with tokenized authorization to access account information. The integration will boost data sharing security for Capital One’s small business customers.

Xero is a suite of online accounting software for small businesses, accountants, and bookkeepers, enabling its users to track and manage cash flow processes, invoicing, payments, reporting, and pay runs.

Capital One is a diversified banking company that offers early and later stage venture, and debt financing investments, its principal business segments being Local Banking and National Lending.